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Exchange-Rate Regimes and International Trade: Evidence from the Classical Gold Standard Era

J. Ernesto López-Córdova and Chris Meissner.
Authors registered in the RePEc Author Service: José Ernesto López-Córdova () and Christopher M. Meissner ()

No C00-118, Center for International and Development Economics Research (CIDER) Working Papers from University of California at Berkeley

Abstract: In this paper we show that the spread of the classical gold standard in the late nineteenth century increased international trade flows. This positive effect was compounded whenever a group of countries formed a monetary union. Applying the gravity model of trade to more than 1,100 country pairs during the 1870-1910 period, we find that two countries on gold would trade 60 percent more with each other than with countries on a different monetary standard. Moreover, a monetary union would more than double bilateral trade flows. Our findings are relevant for current discussions on alternative monetary arrangements for the twenty-first century.

New Economics Papers: this item is included in nep-cba, nep-ifn and nep-mac
Date: 2000-11-01
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Journal Article: Exchange-Rate Regimes and International Trade: Evidence from the Classical Gold Standard Era (2003) Downloads
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