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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP13652 |
DP13652 Monetary Systems and the Global Balance-of-Payments Adjustment in the Pre-Gold Standard Period, 1700-1870 | |
Rui Ferreira da Costa Esteves; Pilar Nogues-Marco | |
发表日期 | 2019-04-04 |
出版年 | 2019 |
语种 | 英语 |
摘要 | We divide this paper into four sections. The first section outlines the taxonomy of commodity-based monetary regimes in Europe and their advantages and costs. The second section describes the main international monetary flows in the Early Modern period and relates them to East-West balance-of-trade adjustments and monetary systems in Asia (1700-1800). In the third section, we turn to the development of the foreign exchange market, which was mostly based on bills of exchange in this period. We explain the expansion of bills-of-exchange market from the European to the intercontinental network in the mid-19th century. The final section then investigates how nominal exchange rates and relative prices contributed to the global current account adjustments in the near pre-gold standard period (1820s-1870s). |
主题 | Economic History |
关键词 | Monetary systems Balance of payments Price-specie flow mechanism Real effective exchange rates (reers) |
URL | https://cepr.org/publications/dp13652 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542511 |
推荐引用方式 GB/T 7714 | Rui Ferreira da Costa Esteves,Pilar Nogues-Marco. DP13652 Monetary Systems and the Global Balance-of-Payments Adjustment in the Pre-Gold Standard Period, 1700-1870. 2019. |
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