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The Stability of the Gold Standard and the Evolution of the International Monetary System
Mr.Tamim BayoumiMr.Barry J. Eichengreen
出版International Monetary Fund, 1995-09-01
主題Business & Economics / Investments & Securities / Commodities / MetalsBusiness & Economics / Foreign ExchangeBusiness & Economics / Economics / Theory
ISBN14518512439781451851243
URLhttp://books.google.com.hk/books?id=0FYYEAAAQBAJ&hl=&source=gbs_api
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註釋This paper examines some popular explanations for the smooth operation of the pre-1914 gold standard. We find that the rapid adjustment of economies to underlying disturbances played an important role in stabilizing output and employment under the gold standard system, but no evidence that this success also reflected relatively small underlying disturbances. Finally, the paper also suggests an explanation for the evolution of the international monetary system based on growing nominal inertia over time.