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Erscheinungsjahr: 
1994
Schriftenreihe/Nr.: 
Working Paper No. 1994-11
Verlag: 
Rutgers University, Department of Economics, New Brunswick, NJ
Zusammenfassung: 
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.
Schlagwörter: 
contingent
gold standard
rule
JEL: 
E5
Dokumentart: 
Working Paper

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