Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/94338
Authors: 
Bordo, Michael D.
Schwartz, Anna J.
Year of Publication: 
1994
Series/Report no.: 
Working Papers, Department of Economics, Rutgers, The State University of New Jersey 1994-11
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

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