Why Did Countries Adopt the Gold Standard? Lessons from Japan

• 成果类型: Article
• 署名作者: Santa Clara University; National Bureau of Economic Research; Bank of Japan; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
• 刊物名称: JOURNAL OF ECONOMIC HISTORY
• ISSN/ISSBN: 0022-0507
• DOI: 10.1017/S0022050710000045
• 发表日期: 2010
• 页码: 27-56
• 关键词: trade; RISK

摘要

Why did policymakers adopt the gold standard? We first examine the political economy of Japan's adoption of the gold standard in 1897 by exploring the ex ante motives of policymakers as well as how the legislative decision to adopt gold won approval. We then show that joining the gold standard did not reduce Japanese interest rates or lead to a domestic investment boom. However, we find that membership in the gold standard increased Japan's exports by lowering transactions costs. Joining gold allowed Japan to tap into its growing share of global trade that was centered on the gold standard.