By Marc Flandreau,Owen Leeming
This examine attracts on a wealth of archival resources and considerable new statistical proof (fully specific within the appendix) to illustrate that international alternate expense balance continuously prevailed prior to the making of the premier. This was once regardless of the heterogeneity between nationwide financial regimes, in accordance with gold, silver, or both.
The cause of the steadiness earlier than the institution of the most useful is France's bimetallic process. France, by means of being able to exchange gold for silver, and vice versa, successfully pegged the trade cost among gold and silver at its criminal ratio of 15.5. half I of the ebook reports precisely how this mechanism labored. half II specializes in the respective behaviour of non-public issues and arbitrageurs at the one hand, and experts reminiscent of the financial institution of France nevertheless, in order
to underline the restrictions and possibilities that have been linked to bimetallism as a global regime. ultimately, half III offers a brand new view at the cave in of bimetallism and its alternative through a most efficient. it truly is argued that bimetallism may well good have survived, and that the emergence
of the ultimate was once under no circumstances inescapable. fairly, it resulted from an enormous coordination failure at either nationwide and foreign degrees - a failure that was once a preview of the interwar cave in of the gold standard.
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The Glitter of Gold: France, Bimetallism, and the Emergence of the International Gold Standard, 1848-1873 by Marc Flandreau,Owen Leeming
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