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The Role of Gold in the Monetary System
[Role zlata v peněžním systému]

Author

Listed:
  • Zbyněk Revenda

Abstract

In recent years, as a result of the financial crisis, several proposals have been put forward to restore some role for gold in the monetary system. In particular, there has been a proposal to employ gold as a nominal anchor or asset for the exchange rates between the most important and tradable currencies in the world. This suggestion, along with alternatives is analyzed in the article. The author describes different historical systems of money, the gold standard and, using concrete figures, the potential role of gold in backing-up issued money. It is the author's conviction that the role of gold in the monetary system inevitably belongs to history.

Suggested Citation

  • Zbyněk Revenda, 2011. "The Role of Gold in the Monetary System [Role zlata v peněžním systému]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2011(3), pages 47-67.
    • Handle: RePEc:prg:jnlcfu:v:2011:y:2011:i:3:id:116:p:47-67
    DOI: 10.18267/j.cfuc.116
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    References listed on IDEAS

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    1. William T. Gavin, 2009. "More money: understanding recent changes in the monetary base," Review, Federal Reserve Bank of St. Louis, vol. 91(Mar), pages 49-60.
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    More about this item

    Keywords

    Banking regulation and supervision; Central bank; Currency board; Exchange rate; Gold; Gold standard; History of money; Legal tender; Bankovní regulace a dohled; Centrální banka; Historie peněz; Měnová rada; Měnový kurs; Zákonné platidlo; Zlato; Zlatý standard;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • G2 - Financial Economics - - Financial Institutions and Services

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