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The Anatomy of an International Monetary Regime : The Classical Gold Standard 1880-1914 - Giulio M. Gallarotti

The Anatomy of an International Monetary Regime

The Classical Gold Standard 1880-1914

Hardcover

Published: 1st January 1995
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Widely considered the crowning achievement in the history of international monetary relations, the classical gold standard (1880- 1914) has long been treated like a holy relic. Its veneration, however, has done more to obscure than to reveal the actual nature of the era's monetary system. In The Anatomy of an International Monetary Regime, Giulio M. Gallarotti addresses the nature of the classical gold standard in its international context, offering the first comprehensive and systematic treatment of the subject.
Three fundamental questions are essential to the discussion: How did the regime originate? How did it work? Why did it persist? Gallarotti uses an interdisciplinary approach that draws upon politics, economics, and ideology to explain the answers. He challenges traditional assumptions about the period, arguing that cooperation among nations or central banks was not a principal factor in either the origin or stability of the system, and that neither the British state nor the Bank of England were the leaders or managers of the gold standard. Rather, a decentralized process involving the status of gold, industrialization and economic development, the politics of gold, and liberal economic ideology provided converging incentives for starting and maintaining the system.
Gallarotti's study presents the most comprehensive and interdisciplinary examination available of the nature of monetary relations in the four decades before World War I. His important, revisionist view will alter the way we think about a crucial period in the growth of the international monetary system. It will be essential reading for scholars and students of economic history and policy.

"Even economists who will disagree with some of Gallarotti's conclusions will appreciate the thoughtful new questions that he asks regarding this critical period of economic and monetary history."--Choice "The Anatomy of an International Monetary Regime tackles an important question--how can one account for the rise and then the smooth operation of the classical gold standard?--in an original way. Gallarotti's analysis of the theoretical issues is comprehensive and definitive. This clearly written, well-motivated study is an invaluable contribution to our understanding of the classical gold standard."--Barry Eichengreen, University of California, Berkeley "Mr. Gallarotti shoots down many of the myths about the classical gold-standard era....He also does a fine job of explaining how speculation under the old regime was self stabilizing....Naturally, for a generation of technocrats...a return to gold is unthinkable.... For the rest of us, who believe there may be a better way, Anatomy of an International Monetary Regime provides far more intellectual nourishment."--The Wall Street Journal "The book is very thorough. It contains many references and a statistical appendix. A large number of original documents were used...a very valuable reference volume for experts and newcomers to the gold standard, for monetary economists, and for students of economic history, economic policy, and international relations."--Cato Journal "...is likely to become the first book consulted by scholars interested in the monetary relations of their respective eras..offers fresh insights while proviking a clear outline of the previously elusive history of this era."--Mershon International Studies Review "[The book] covers the literature comprehensively, has an abundance of historical illustrations, taps the views of many scholars and players, and offers a multicountry analysis."--The Annals of the American Academy

Introductionp. 3
The Organization of This Bookp. 14
The Classical Gold Standard as an International Monetary Regimep. 16
General Overview of the Gold Standardp. 18
The Component Parts: The Institutional Character of the Gold Standardp. 27
Liquidity and Reservesp. 27
Adjustmentp. 34
Exchange Ratesp. 42
Capital Controlsp. 45
Confidencep. 49
Institutional Synthesis of the Gold Standardp. 54
Cooperation under the Gold Standardp. 58
Cooperation among National Governments under the Gold Standardp. 60
The Conference of 1867p. 62
The Conference of 1878p. 66
The Conference of 1881p. 72
The Conference of 1892p. 76
Central Bank Cooperation under the Gold Standardp. 78
British Hegemony under the Gold Standardp. 86
The Goals of the British Statep. 88
The Principal-Agent Link: The Bank of England as an Agent of British Hegemonyp. 93
Great Britain and the International Monetary Conferences of 1867, '78, '81, '92p. 97
Hegemony and the Bank of Englandp. 111
Indirect Hegemony: The Bank of England and Central Banking in Great Britainp. 113
Acknowledging Public Responsibilityp. 114
Managing the British Monetary Systemp. 119
Direct Hegemony: The Bank of England as an International Central Bankp. 131
Acknowledging Public Responsibilityp. 131
International Reserve Management and Lender of Last Resortp. 133
Managing the International Monetary Systemp. 135
Managing International Crisesp. 139
The Origin of the Gold Standardp. 141
The Structural Foundations of the Gold Standardp. 143
The Ideology of Goldp. 143
Industrialization and Economic Developmentp. 147
The Politics of Goldp. 151
The Proximate Foundations of the Gold Standard: Chain Gangs and Regime Transformationp. 160
The 1860s: A Decade of Growing Nervousnessp. 160
The Monetary Chain Gangp. 165
The 1870sp. 169
The Permissive Foundations of the Gold Standardp. 175
The Stability of the Gold Standardp. 181
The Proximate Foundations of Adjustmentp. 185
The Stable Supersystem of International Politicsp. 185
The Stable Supersystem of International Economicsp. 189
The Gold Standard and Core Nationsp. 193
Synchronous Macroeconomiesp. 200
Stabilizing Expectationsp. 204
The Normative Foundations of Adjustmentp. 207
The Gold Standard and Regime Theoryp. 218
Hegemonic Regimesp. 219
Cooperative Regimesp. 224
Diffuse Regimesp. 227
Statistical Appendixp. 237
Datap. 237
Discount Rates of Central Banksp. 237
World Price Indicesp. 237
British Seriesp. 237
Estimation Techniquesp. 238
Equationsp. 241
Granger Causality Testsp. 262
Central Bank Discount Ratesp. 263
World Price Indices and British Seriesp. 263
Bank of England Discount Rate and British Seriesp. 264
Bank of England Reserves and British Seriesp. 265
Figures A.1-A.8p. 266
Notesp. 271
Referencesp. 325
Indexp. 341
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780195089905
ISBN-10: 0195089901
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 360
Published: 1st January 1995
Publisher: Oxford University Press Inc
Country of Publication: US
Dimensions (cm): 24.2 x 16.1  x 2.9
Weight (kg): 0.65