Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/94338 
Year of Publication: 
1994
Series/Report no.: 
Working Paper No. 1994-11
Publisher: 
Rutgers University, Department of Economics, New Brunswick, NJ
Abstract: 
The classical gold standard era from 1880 to 1914, when most countries of the world defined their currencies in terms of a fixed weight (which is equivalent to a fixed price) of gold and hence adhered to a fixed exchange rate standard, has been regarded by many observers as a most admirable monetary regime. They find that its benefits include long-run price level stability and predictability, stable and low long-run interest rates, stable exchange rates (McKinnon, 1988), and hence that it facilitated a massive flow of capital from the advanced countries of Europe to the world's developing countries.
Subjects: 
contingent
gold standard
rule
JEL: 
E5
Document Type: 
Working Paper

Files in This Item:
File
Size
169.65 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.