The Rise and Fall of the Gold Standard
Author | : Sir Charles Morgan-Webb |
Publisher | : |
Total Pages | : 212 |
Release | : 1934 |
Genre | : Currency question |
ISBN | : |
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Author | : Sir Charles Morgan-Webb |
Publisher | : |
Total Pages | : 212 |
Release | : 1934 |
Genre | : Currency question |
ISBN | : |
Author | : George Selgin |
Publisher | : |
Total Pages | : 24 |
Release | : 2013 |
Genre | : |
ISBN | : |
There is, in informal discussions and even in some academic writings, a tendency to treat U.S. monetary history as divided between a gold standard past and a fiat dollar present. In truth, the legal meaning of a "standard" U.S. dollar has been contested, often hotly, throughout U.S. history, and a functioning (if not formally acknowledged) gold standard was in effect for less than a quarter of the full span of U.S. history.U.S. monetary policy was initially founded upon a bimetallic dollar, convertible into either gold or silver. Although officially committed to bimetallism, from 1792 to 1834 the United States was functionally on a silver standard. From the Civil War until 1879, a fiat "greenback" standard predominated with the exception of a few states, such as California and Oregon, where a gold standard continued to operate.Between 1870 and 1879 numerous countries embraced gold monometallism. France ended the free coinage of silver in 1873, while the rest the Latin Monetary Union followed in 1876. But it was above all Germany's switch to gold that prompted the United States to demonetize silver and embrace gold. Thus began the era of the Classical Gold Standard in the United States.The Classical Gold Standard Era lasted until about War World I, when as common in times of war countries abandoned their commitment to convertibility. What followed World War I was the Gold Exchange Standard, whose failure resulted from its dependence upon central bank cooperation. Post World War II, the Gold Exchange Standard was replaced by the Bretton Woods System and its reliance on a fiat dollar. Bretton Woods finally came to an end when President Nixon closed the "gold window" on August 15, 1971.This paper reviews the history of the gold standard in the United States, explaining both how that standard came into being despite having been neither formally provided for nor informally established at the nation's inception, and how it eventually came to an end. It concludes that the conditions that led to the gold standard's original establishment and its successful performance are unlikely to be replicated in the future.
Author | : Marc Flandreau |
Publisher | : Routledge |
Total Pages | : 252 |
Release | : 2005-08-18 |
Genre | : Business & Economics |
ISBN | : 1134747500 |
Since the first edition, published in 1985, much new research has been completed. This updated version includes five new essays, including a new introduction by Eichengreen and a discussion of the gold standard and the EU monetary debate.
Author | : Craig K. Elwell |
Publisher | : DIANE Publishing |
Total Pages | : 18 |
Release | : 2011-10 |
Genre | : Business & Economics |
ISBN | : 143798889X |
The U.S. monetary system is based on paper money backed by the full faith and credit of the fed. gov't. The currency is neither valued in, backed by, nor officially convertible into gold or silver. Through much of its history, however, the U.S. was on a metallic standard of one sort or another. On occasion, there are calls to return to such a system. Such calls are usually accompanied by claims that gold or silver backing has provided considerable economic benefits in the past. This report reviews the history of the GS in the U.S. It clarifies the dates during which the GS was used, the type of GS in operation at the various times, and the statutory changes used to alter the GS and eventually end it. It is not a discussion of the merits of the GS. A print on demand oub.
Author | : H. L. Puxley |
Publisher | : Routledge |
Total Pages | : 274 |
Release | : 2017-11-08 |
Genre | : Business & Economics |
ISBN | : 1351258958 |
Originally published in 1933 this book discusses the inadequacy of ‘orthodox Gold Standard theory’ in the light of post-war monetary phenomena. In demonstrating that the Gold Standard had broken down the book explains that the Quantity Theory of Money is an inaccurate explanation of what happens over short periods and that the determining factor in the rise or fall of prices is the Velocity of Circulation. The book makes a plea for a workable Gold Standard operated by an international consortium of Central Banks.
Author | : Brooks Adams |
Publisher | : |
Total Pages | : 44 |
Release | : 1894 |
Genre | : Currency question |
ISBN | : |
Author | : Michael D. Bordo |
Publisher | : University of Chicago Press |
Total Pages | : 694 |
Release | : 2009-02-15 |
Genre | : Business & Economics |
ISBN | : 0226066924 |
This is a timely review of the gold standard covering the 110 years of its operation until 1931, when Britain abandoned it in the midst of the Depression. Current dissatisfaction with floating rates of exchange has spurred interest in a return to a commodity standard. The studies in this volume were designed to gain a better understanding of the historical gold standard, but they also throw light on the question of whether restoring it today could help cure inflation, high interest rates, and low productivity growth. The volume includes a review of the literature on the classical gold standard; studies the experience with gold in England, Germany, Italy, Sweden, and Canada; and perspectives on international linkages and the stability of price-level trends under the gold standard. The articles and commentaries reflect strong, conflicting views among hte participants on issues of central bank behavior, purchasing-power an interest-rate parity, independent monetary policies, economic growth, the "Atlantic economy," and trends in commodity prices and long-term interest rates. This is a thoughtful and provocative book.
Author | : Natalia Chernyshoff |
Publisher | : |
Total Pages | : 50 |
Release | : 2006 |
Genre | : Foreign exchange rates |
ISBN | : |
Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary shocks if it ties the hands of policy makers. But any decision to forsake exchange-rate flexibility might compromise shock absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in the transmission of terms of trade shocks. Evidence on the relationship between real exchange rate volatility and terms of trade volatility from the late nineteenth and early twentieth century exposes a dramatic change. The classical gold standard did absorb shocks, but the interwar gold standard did not, and this historical pattern suggests that the interwar gold standard was a poor regime choice.
Author | : Charles Morgan-Webb (Sir).) |
Publisher | : |
Total Pages | : 188 |
Release | : 1934 |
Genre | : Currency question |
ISBN | : |
Author | : Edwin Walter Kemmerer |
Publisher | : Ludwig von Mises Institute |
Total Pages | : 246 |
Release | : 1944 |
Genre | : Gold |
ISBN | : 1610164423 |
"Selected bibliography" at end of each chapter.