The Specie Standard As A Contingent Rule: Some Evidence for Core and Peripheral Countries, 1880-90
Michael Bordo () and
Departmental Working Papers from Rutgers University, Department of Economics
The classical gold standard era from 1880 to 1914, when most countries of the world defined their currencies in terms of a fixed weight (which is equivalent to a fixed price) of gold and hence adhered to a fixed exchange rate standard, has been regarded by many observers as a most admirable monetary regime. They find that its benefits include long-run price level stability and predictability, stable and low long-run interest rates, stable exchange rates (McKinnon, 1988), and hence that it facilitated a massive flow of capital from the advanced countries of Europe to the world's developing countries.
Keywords: contingent; gold standard; rule (search for similar items in EconPapers)
JEL-codes: E5 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:rut:rutres:199411
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