A new world order: explaining the international diffusion of the gold standard, 1870-1913

• 成果类型: Article
• 署名作者: Meissner, CM
• 署名单位: University of Cambridge
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2004.08.007
• 发表日期: 2005
• 页码: 385-406
• 关键词: gold standard; network externalities; currency unions; inconvertibility; good housekeeping seal of approval

摘要

The gold standard gradually became an international monetary regime after 1870. Similarly, some nations in the European Union are waiting to adopt the euro while others have joined immediately. What explains the timing of exchange rate regime adoption? To find out, the international diffusion of the gold standard is analyzed. Duration analysis shows that network externalities operating through trade channels, the desire to decrease borrowing costs on international capital markets, and the level of development matter. Some evidence shows that the level of exchange rate volatility or inflationist agricultural interests did not matter for the timing of adoption. (c) 2004 Elsevier B.V. All rights reserved.