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Modern Perspectives on the Gold Standard - Tamim Bayoumi

Modern Perspectives on the Gold Standard

By: Tamim Bayoumi (Editor), Barry J. Eichengreen (Editor), Mark P. Taylor (Editor)

Hardcover

Published: 28th July 1997
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Recent currency crises in Europe and Mexico have provided stark reminders of the importance and the fragility of international financial markets. These experiences have led some commentators to conclude that open international capital markets are incompatible with financial stability. But the pre-1914 gold standard is an obvious challenge to the notion that open capital markets are sources of instability. To deepen our understanding of how this system worked, this volume draws together recent research on the gold standard. Theoretical models are used to guide qualitative discussions of historical experience, while econometric methods are used to help the historical data speak clearly. The result is an overview of the gold standard, a survey of the relevant applied research in international macroeconomics, and a demonstration of how the past can help to inform the present.

"This volume honors its title by delivering two kinds of modern perspectives: recent advances in time-series econometrics, and recent policy concerns." Journal of Economics, Peter H. Lindert, University of California at Davis

Introduction
Modern perspectives on the gold standard
Introduction
Unit roots, shocks and VARs and their place in history: an introductory guide
Operation of the Gold Standard
The gold standard as a commitment mechanism
Market efficiency and regime efficiency under the 1925-1931 dollar/sterling gold standard
Credibility and fundamentals: were the Classical and interwar gold standards well-behaved target zones?
Adjustment Mechanisms
The stability of the gold standard and the evolution of the International Monetary
International adjustment under the Classical gold standard: evidence for the United States and Britain, 1879-1914
Balance of payments adjustments under the gold standard policies: Canada and Australia compared
Monetary Issues
Money demand and supply under the gold standard: United Kingdom 1870-1914 Forrest
Stability and forward-looking behaviour: the demand for broad money in the United Kingdom 1871-1913
Exchange Rate Behavior
The dollar/pound exchange rate and fiscal policy during the gold standard period Graciela
Exchange rate dynamics and monetary reforms: theory and evidence from Britain's return to gold
Conclusion: Deja vu all over again: lessons from the gold standard for European monetary unification
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521571692
ISBN-10: 0521571693
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 416
Published: 28th July 1997
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 2.7
Weight (kg): 0.78