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Title:Scylla and Charybdis: explaining Europe's exit from gold, January 1928 - December 1936 PDF Logo
Authors:Wolf, Nikolaus
Issue Date:2008
Series/Report no.:CESifo working paper 2271
Abstract:The paper examines the timing of exit from the interwar gold-exchange standard for a panel of European countries, based on monthly data over the period January 1928 - December 1936. I show that exit from gold can be understood in terms of a trade-off between a limited set of factors commonly suggested in the theoretical literature on currency crises. A simple and parsimonious econometric framework that nests various hypotheses allows me to predict the month of exit in the 1930s, except for France. I consider the separate cases of France and Poland to show my results shed light on country-specific debates.
Subjects:gold-exchange standard
interwar period
Europe
JEL:E42
E44
N14
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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