By Marc Flandreau
ISBN-10: 0191531553
ISBN-13: 9780191531552
ISBN-10: 0199257868
ISBN-13: 9780199257867
Hoping on new statistical and archival fabric, this booklet tells the tale of the operation of the foreign financial approach of the mid-nineteenth century. It seeks to provide an explanation for how the program was once in a position to climate the influence of the California and Australia gold discoveries.
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Hoping on new statistical and archival fabric, this ebook tells the tale of the operation of the overseas financial approach of the mid-nineteenth century. It seeks to give an explanation for how the program used to be capable of climate the impression of the California and Australia gold discoveries.
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Additional info for The Glitter of Gold: France, Bimetallism, and the Emergence of the International Gold Standard, 1848-1873
Example text
20 BIMETALLISM IN THEORY are always binding), the following system of equations obtains: The fundamental property of bimetallic equilibria can then be stated. Proposition 1(Walras1881; Fisher1894) Bimetallic equilibria, if they exist, are indeterminate, that is to say, they do not ordinarily define a single equilibrium price vector. 4b). 4b) are verified by definition. 4a). 40 There is no built-in contradiction, therefore, between the operation of a market economy and the attempt, by government, to legislate the gold–silver ratio.
It then suffices to reinterpret non-monetary demand in the bimetallic country of the closed bimetallic economy case as monetary demand in the open economies on disparate standards case. The equivalence between these interpretations helps us to see how the pre-1873 system corresponded to the international bimetallism proposition devised after 1873. 49 This formula may be interpreted in many different ways: as an application of the quantity theory, of the Cambridge k, or, more generally, of any schedule that postulates a relation of long-term proportionality between money demand and nominal income.
See Redish (2000: 202–4). 12 INTRODUCTION demand and supply. The first corresponds to a de facto Gold Standard, the second to a de facto Silver Standard, and the third to what we shall call effective bimetallism, that is, a regime in which gold and silver circulate concurrently. Chapter 2 elaborates the methodology of the ‘gold–silver points’, making it possible to infer which of the three foregoing regimes prevailed during the period in question. Chapter 3 breaks new theoretical ground by developing a formal method for analysing bimetallic exchange rates.
The Glitter of Gold: France, Bimetallism, and the Emergence of the International Gold Standard, 1848-1873 by Marc Flandreau
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