Modern Perspectives on the Gold Standard

ISBN-13: 9780521571692 / Angielski / Twarda / 1997 / 416 str.

Tamim Bayoumi; Barry Eichengreen; Mark P. Taylor

Opis

Exchange rate instability and crises are a fact of economic life in today's world of open international capital markets. Yet this was not always the case: for more than a third of a century prior to 1914, the gold standard reconciled open financial markets with stable exchange rates among the currencies of the major industrial countries. This book explores how that system worked. The result is an overview of the classical 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.

Recenzje

"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

Spis treści

Part I. Introduction: 1. Modern perspectives on the gold standard. Introduction Tamim Bayoumi, Barry Eichengreen and Mark P. Taylor; 2. Unit roots, shocks and VARs and their place in history: an introductory guide Terence C. Mills; Part II. Operation of the Gold Standard: 3. The gold standard as a commitment mechanism Michael D. Bordo and Finn E. Kydland; 4. Market efficiency and regime efficiency under the 1925–1931 dollar/sterling gold standard Lawrence H. Officer; 5. Credibility and fundamentals: were the Classical and interwar gold standards well-behaved target zones? C. Paul Hallwood, Ronald MacDonald and Ian W. Marsh; Part III. Adjustment Mechanisms: 6. The stability of the gold standard and the evolution of the International Monetary Fund Tamim Bayoumi and Barry Eichengreen; 7. International adjustment under the Classical gold standard: evidence for the United States and Britain, 1879–1914 Charles W. Calomaris and R. Glenn Hubbard; 8. Balance of payments adjustments under the gold standard policies: Canada and Australia compared Trevor J. O. Dick, John E. Floyd and David Pope; Part IV. Monetary Issues: 9. Money demand and supply under the gold standard: United Kingdom 1870–1914 Forrest H. Capie and Geoffrey E. Wood; 10. Stability and forward-looking behaviour: the demand for broad money in the United Kingdom 1871–1913 Mark P. Taylor and Geoffrey E. Wood; Part V. Exchange Rate Behavior: 11. The dollar/pound exchange rate and fiscal policy during the gold standard period Graciela L. Kaminsky and Michael Klein; 12. Exchange rate dynamics and monetary reforms: theory and evidence from Britain's return to gold Panos Michael, A. Robert Nobay and David Peel; 13. Conclusion: Déjà vu all over again: lessons from the gold standard for European monetary unification Barry Eichengreen.