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Between the Dollar-Sterling Gold Points
Lawrence H. Officer
其他書名
Exchange Rates, Parity and Market Behavior
出版Cambridge University Press, 2007-07-02
主題Business & Economics / GeneralBusiness & Economics / Economic HistoryBusiness & Economics / Finance / GeneralBusiness & Economics / Foreign ExchangeBusiness & Economics / Investments & Securities / GeneralBusiness & Economics / Money & Monetary PolicyBusiness & Economics / Public Finance
ISBN05210382199780521038218
URLhttp://books.google.com.hk/books?id=j0BDkbtPmQYC&hl=&source=gbs_api
EBookSAMPLE
註釋Officer begins this book with a historical perspective of the monetary standards of the United States and Britain. He then develops data on exchange rates, mint parity and gold points, with which he investigates three important features of Anglo-American monetary history. First, the integration of the American foreign-exchange market over time. Second, it is proved that gold-point arbitrage is markedly more efficient than either interest arbitrage or forward speculation. Third, regime efficiency is explored from standpoints of both private agents and policy-makers; the 1925-1931 gold standard, though less durable than the pre-war standard, is nevertheless shown to be surprisingly stable. The book will serve as a Dollar-Sterling handbook for those interested in this important aspect of international monetary history.