Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard
Author
Abstract
Suggested Citation
Note: DAE IFM
Download full text from publisher
References listed on IDEAS
- Schmukler, Sergio L. & Serven, Luis, 2002. "Pricing currency risk under currency boards," Journal of Development Economics, Elsevier, vol. 69(2), pages 367-391, December.
- Bordo Michael D. & Kydland Finn E., 1995. "The Gold Standard As a Rule: An Essay in Exploration," Explorations in Economic History, Elsevier, vol. 32(4), pages 423-464, October.
- Bordo, Michael D. & Murshid, Antu Panini, 2006.
"Globalization and changing patterns in the international transmission of shocks in financial markets,"
Journal of International Money and Finance, Elsevier, vol. 25(4), pages 655-674, June.
- Michael D. Bordo & Antu Panini Murshid, 2002. "Globalization and Changing Patterns in the International Transmission of Shocks in Financial Markets," NBER Working Papers 9019, National Bureau of Economic Research, Inc.
- Michael D. Bordo, 1995.
"The Gold Standard as a `Good Housekeeping Seal of Approval',"
NBER Working Papers
5340, National Bureau of Economic Research, Inc.
- Hugh Rockoff & Michael D. Bordo, 1996. "The Gold Standard as a "Good Housekeeping Seal of Approval"," Departmental Working Papers 199528, Rutgers University, Department of Economics.
- Moritz Schularick & Niall Ferguson, 2005. "“The Thin Film Of Gold”: The Limits Of Monetary Commitments," Macroeconomics 0509009, University Library of Munich, Germany.
- Wesley C. Mitchell, 1898. "Resumption of Specie Payments in Austria-Hungary," Journal of Political Economy, University of Chicago Press, vol. 7(1), pages 106-106.
- Gerardo della Paolera & Alan M. Taylor, 2001. "Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880-1935," NBER Books, National Bureau of Economic Research, Inc, number paol01-1, July.
- Gallarotti, Guilio M., 1995. "The Anatomy of an International Monetary Regime: The Classical Gold Standard 1880-1914," OUP Catalogue, Oxford University Press, number 9780195089905.
- Maurice Obstfeld & Kenneth Rogoff, 1995.
"The Mirage of Fixed Exchange Rates,"
Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 73-96, Fall.
- Maurice Obstfeld & Kenneth S. Rogoff, 1995. "The mirage of fixed exchange rates," Working Papers in Applied Economic Theory 95-08, Federal Reserve Bank of San Francisco.
- Maurice Obstfeld & Kenneth Rogoff, 1995. "The Mirage of Fixed Exchange Rates," NBER Working Papers 5191, National Bureau of Economic Research, Inc.
- Maurice Obstfeld & Alan M. Taylor, 2003.
"Sovereign risk, credibility and the gold standard: 1870-1913 versus 1925-31,"
Economic Journal, Royal Economic Society, vol. 113(487), pages 241-275, April.
- Maurice Obstfeld & Alan M. Taylor, 2002. "Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31," NBER Working Papers 9345, National Bureau of Economic Research, Inc.
- Maurice Obstfeld & Alan M. Taylor & ), 2003. "Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31," International Trade 0303001, University Library of Munich, Germany.
- Obstfeld, Maurice & Taylor, Alan M., 2003. "Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31," Department of Economics, Working Paper Series qt6f15n0h0, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Obstfeld, Maurice & Taylor, Alan M., 2003. "Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31," CEPR Discussion Papers 3688, C.E.P.R. Discussion Papers.
- Obstfeld, Maurice & Taylor, Alan M., 2003. "Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31," Center for International and Development Economics Research, Working Paper Series qt6f15n0h0, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
- Matthias Morys, 2007.
"The emergence of the Classical Gold Standard,"
Working Papers
7010, Economic History Society.
- Matthias Morys, 2012. "The emergence of the Classical Gold Standard," Centre for Historical Economics and Related Research at York (CHERRY) Discussion Papers 12/01, CHERRY, c/o Department of Economics, University of York.
- Domowitz, Ian & Glen, Jack & Madhavan, Ananth, 1998.
"Country and Currency Risk Premia in an Emerging Market,"
Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 33(2), pages 189-216, June.
- Ian Domowitz & Jack Glen & Ananth Madhavan, "undated". "Country and Currency Risk Premia in an Emerging Market," IPR working papers 97-26, Institute for Policy Resarch at Northwestern University.
- repec:ucp:bknber:9780226645568 is not listed on IDEAS
- Mr. Eduardo Borensztein & Mr. Andrew Berg, 2000. "The Pros and Cons of Full Dollarization," IMF Working Papers 2000/050, International Monetary Fund.
- Edwards, Sebastian, 1984. "LDC Foreign Borrowing and Default Risk: An Empirical Investigation, 1976-80," American Economic Review, American Economic Association, vol. 74(4), pages 726-734, September.
- Mr. Eduardo Borensztein & Mr. Andrew Berg, 2000. "Full Dollarization: The Pros and Cons," IMF Economic Issues 2000/004, International Monetary Fund.
- Ferguson, Niall & Schularick, Moritz, 2006. "The Empire Effect: The Determinants of Country Risk in the First Age of Globalization, 1880–1913," The Journal of Economic History, Cambridge University Press, vol. 66(2), pages 283-312, June.
- Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Marc Flandreau & Kim Oosterlinck, 2011.
"Was the Emergence of the International Gold Standard Expected? Melodramatic Evidence from Indian Government Securities,"
Working Papers
0005, European Historical Economics Society (EHES).
- Marc Flandreau & Kim Oosterlinck, 2011. "Was the Emergence of the International Gold Standard Expected?Melodramatic Evidence from Indian Government Securities," Working Papers CEB 11-001, ULB -- Universite Libre de Bruxelles.
- Marc Flandreau, Kim Oosterlinck, 2011. "Was the Emergence of the International Gold Standard Expected? Melodramatic Evidence from Indian Government Securities," IHEID Working Papers 01-2011, Economics Section, The Graduate Institute of International Studies.
- Daniela Bragoli & Camilla Ferretti & Piero Ganugi & Giancarlo Ianulardo, 2013. "Monetary regimes and statistical regularity: the Classical Gold Standard (1880-1913) through the lenses of Markov models," Discussion Papers 1301, University of Exeter, Department of Economics.
- Kim Oosterlinck, 2013.
"Sovereign debt defaults: insights from history,"
Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 29(4), pages 697-714, WINTER.
- Kim Oosterlinck, 2013. "Sovereign Debt Defaults: Insights from History," Post-Print CEB, ULB -- Universite Libre de Bruxelles, vol. 29(4), pages 697-714.
- Volosovych, Vadym, 2011.
"Measuring financial market integration over the long run: Is there a U-shape?,"
Journal of International Money and Finance, Elsevier, vol. 30(7), pages 1535-1561.
- Vadym Volosovych, 2011. "Measuring Financial Market Integration over the Long Run: Is there a U-Shape?," Tinbergen Institute Discussion Papers 11-018/2, Tinbergen Institute.
- William Miles, 2015. "Did the Classical Gold Standard Lead to Greater Price Level Convergence? A New Approach," Open Economies Review, Springer, vol. 26(2), pages 351-377, April.
- Alquist, Ron & Chabot, Benjamin, 2011. "Did gold-standard adherence reduce sovereign capital costs?," Journal of Monetary Economics, Elsevier, vol. 58(3), pages 262-272.
- Andreea-Alexandra Maerean & Maja Pedersen & Paul Sharp, 2021. "Sovereign Debt and Supersanctions in Emerging Markets: Evidence from Four Southeast European Countries, 1878-1913," Working Papers 0216, European Historical Economics Society (EHES).
- Sebastian Edwards, 2017. "Keynes and the Dollar in 1933," NBER Working Papers 23141, National Bureau of Economic Research, Inc.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Weidenmier, Marc & Mitchener, Kris, 2015. "Was the Classical Gold Standard Credible on the Periphery? Evidence from Currency Risk," CEPR Discussion Papers 10388, C.E.P.R. Discussion Papers.
- Mitchener, Kris James & Pina, Gonçalo, 2020. "Pegxit pressure," Journal of International Money and Finance, Elsevier, vol. 107(C).
- Mitchener, Kris James & Shizume, Masato & Weidenmier, Marc D., 2010.
"Why did Countries Adopt the Gold Standard? Lessons from Japan,"
The Journal of Economic History, Cambridge University Press, vol. 70(1), pages 27-56, March.
- Kris James Mitchener & Masato Shizume & Marc D. Weidenmier, 2008. "Why did Countries Adopt the Gold Standard? Lessons from Japan," Discussion Paper Series 228, Research Institute for Economics & Business Administration, Kobe University.
- Kris James Mitchener & Masato Shizume & Marc D. Weidenmier, 2009. "Why did Countries Adopt the Gold Standard? Lessons from Japan," NBER Working Papers 15195, National Bureau of Economic Research, Inc.
- Alquist, Ron & Chabot, Benjamin, 2011. "Did gold-standard adherence reduce sovereign capital costs?," Journal of Monetary Economics, Elsevier, vol. 58(3), pages 262-272.
- della Paolera, Gerardo & Taylor, Alan M., 2013.
"Sovereign debt in Latin America, 1820-1913,"
Revista de Historia Económica / Journal of Iberian and Latin American Economic History, Cambridge University Press, vol. 31(2), pages 173-217, September.
- Gerardo della Paolera & Alan M. Taylor, 2012. "Sovereign Debt in Latin America, 1820–1913," CEU Working Papers 2012_18, Department of Economics, Central European University, revised 19 Sep 2012.
- Gerardo della Paolera & Alan M. Taylor, 2012. "Sovereign Debt in Latin America, 1820-1913," NBER Working Papers 18363, National Bureau of Economic Research, Inc.
- Kim Oosterlinck, 2013.
"Sovereign debt defaults: insights from history,"
Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 29(4), pages 697-714, WINTER.
- Kim Oosterlinck, 2013. "Sovereign Debt Defaults: Insights from History," Post-Print CEB, ULB -- Universite Libre de Bruxelles, vol. 29(4), pages 697-714.
- Bordo, Michael D. & Schwartz, Anna J., 1999.
"Monetary policy regimes and economic performance: The historical record,"
Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 3, pages 149-234,
Elsevier.
- Michael D. Bordo & Anna J. Schwartz, 1997. "Monetary Policy Regimes and Economic Performance: The Historical Record," NBER Working Papers 6201, National Bureau of Economic Research, Inc.
- Papadia, Andrea, 2017. "Sovereign defaults during the Great Depression: the role of fiscal fragility," Economic History Working Papers 68943, London School of Economics and Political Science, Department of Economic History.
- Léonce Ndikumana, 2003. "Capital Flows, Capital Account Regimes, and Foreign Exchange Rate Regimes in Africa," Working Papers wp55, Political Economy Research Institute, University of Massachusetts at Amherst.
- Meissner, Christopher M., 2014. "Growth from Globalization? A View from the Very Long Run," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 2, chapter 8, pages 1033-1069, Elsevier.
- Daianu, Daniel & Vranceanu, Radu, 2003.
"Subduing High Inflation In Romania. How To Better Monetary And Exchange Rate Mechanisms?,"
Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 5-36, September.
- Daniel Daianu & Radu Vranceanu, 2001. "Subduing High Inflation in Romania: How to Better Monetary and Exchange Rate Mechanisms?," wiiw Balkan Observatory Working Papers 5, The Vienna Institute for International Economic Studies, wiiw.
- Daniel Daianu & Radu Vranceanu, 2001. "Subduing High Inflation in Romania. How to Better Monetary and Exchange Rate Mechanisms?," William Davidson Institute Working Papers Series 402, William Davidson Institute at the University of Michigan.
- Grossman, Richard S. & Imai, Masami, 2009. "Japan's return to gold: Turning points in the value of the yen during the 1920s," Explorations in Economic History, Elsevier, vol. 46(3), pages 314-323, July.
- Michael D. Bordo & Marc Flandreau, 2003.
"Core, Periphery, Exchange Rate Regimes, and Globalization,"
NBER Chapters, in: Globalization in Historical Perspective, pages 417-472,
National Bureau of Economic Research, Inc.
- Michael D. Bordo & Marc Flandreau, 2001. "Core, Periphery, Exchange Rate Regimes, and Globalization," NBER Working Papers 8584, National Bureau of Economic Research, Inc.
- Michael D. Bordo & Marc Flandreau, 2001. "Core, Periphery, Exchange Rate Regimes, and Globalization," Working Papers hal-01065012, HAL.
- Michael Bordo & Marc Flandreau, 2001. "Core, Periphery, Exchange Rate Regimes, and Globalization," Sciences Po publications n°3077, Sciences Po.
- Bordo, Michael & Flandreau, Marc, 2001. "Core, Periphery, Exchange Rate Regimes and Globalization," CEPR Discussion Papers 3077, C.E.P.R. Discussion Papers.
- Maurice Obstfeld & Alan M. Taylor, 2003.
"Globalization and Capital Markets,"
NBER Chapters, in: Globalization in Historical Perspective, pages 121-188,
National Bureau of Economic Research, Inc.
- Maurice Obstfeld & Alan M. Taylor, 2002. "Globalization and Capital Markets," NBER Working Papers 8846, National Bureau of Economic Research, Inc.
- Hochreiter, Eduard & Siklos, Pierre L., 2002. "Alternative exchange-rate regimes: The options for Latin America," The North American Journal of Economics and Finance, Elsevier, vol. 13(3), pages 195-211, December.
- Flandreau, Marc & Zumer, Frederic & Accominotti, Olivier & Rezzik, Riad, 2008. "Black Man?s Burden: Measured Philanthropy in the British Empire, 1880-1913," CEPR Discussion Papers 6811, C.E.P.R. Discussion Papers.
- Kramer, Bert S. & Milionis, Petros, 2022.
"Democratic constraints and adherence to the classical gold standard,"
Explorations in Economic History, Elsevier, vol. 84(C).
- Kramer, Bert S. & Milionis, Petros, 2018. "Democratic Constraints and Adherence to the Classical Gold Standard," GGDC Research Memorandum GD-175, Groningen Growth and Development Centre, University of Groningen.
- Michael D. Bordo & Robert N. McCauley, 2019.
"Triffin: Dilemma or Myth?,"
IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(4), pages 824-851, December.
- Michael Bordo & Robert N McCauley, 2017. "Triffin: dilemma or myth?," BIS Working Papers 684, Bank for International Settlements.
- Michael D. Bordo & Robert N. McCauley, 2018. "Triffin: dilemma or myth?," NBER Working Papers 24195, National Bureau of Economic Research, Inc.
- Luis A. V. Catão, 2007.
"Sudden Stops and Currency Drops: A Historical Look,"
NBER Chapters, in: The Decline of Latin American Economies: Growth, Institutions, and Crises, pages 243-290,
National Bureau of Economic Research, Inc.
- Mr. Luis Catão, 2006. "Sudden Stops and Currency Drops: A Historical Look," IMF Working Papers 2006/133, International Monetary Fund.
- Eichler, Stefan & Maltritz, Dominik, 2013. "The term structure of sovereign default risk in EMU member countries and its determinants," Journal of Banking & Finance, Elsevier, vol. 37(6), pages 1810-1816.
More about this item
JEL classification:
- F2 - International Economics - - International Factor Movements and International Business
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
- N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBA-2009-10-10 (Central Banking)
- NEP-HIS-2009-10-10 (Business, Economic and Financial History)
- NEP-MON-2009-10-10 (Monetary Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:15401. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/nberrus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.