G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13652
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)
URLhttps://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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