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The Specie Standard As A Contingent Rule: Some Evidence for Core and Peripheral Countries, 1880-90

Michael Bordo () and Anna Schwartz

Departmental Working Papers from Rutgers University, Department of Economics

Abstract: 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)
Date: 1996-10-04
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