By Marc Flandreau
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.
Read Online or Download The Glitter of Gold: France, Bimetallism, and the Emergence of the International Gold Standard, 1848-1873 PDF
Best money & monetary policy books
Funds, Distribution and financial coverage takes factor with the irrelevant therapy of cash, powerful call for and distribution concerns in smooth mainstream macroeconomics. It offers contributions that are serious of recent orthodoxy and which discover replacement techniques to macroeconomics and fiscal coverage research.
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.
- Restructuring Sovereign Debt: The Case for Ad Hoc Machinery
- Credit Risk Measurement: New Approaches to Value at Risk and Other Paradigms
- A Treatise on Money: The Pure Theory of Money
- Value Creation, Reporting, and Signaling for Human Capital and Human Assets: Building the Foundation for a Multi-Disciplinary, Multi-Level Theory
- The Compensation Handbook. A State-of-the-Art Guide to Compensation Strategy and Design
Additional info for The Glitter of Gold: France, Bimetallism, and the Emergence of the International Gold Standard, 1848-1873
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