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Profitability in the International Gold Market in the Early History of the Gold Standard

Author

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  • Maria Cristina Marcuzzo

    (Sapienza University of Rome)

Abstract

By looking at the available evidence on the London gold market in the late eighteenth century and early nineteenth century, the paper presents a new formulation of the gold points and models the market behaviour behind gold movements. While there is evidence that the merchants’ behaviour sustained the purchasing power parity of gold in terms of currency, there is none to support the view that gold flows realized the purchasing power parity of gold in terms of traded commodities. Therefore, the equilibrium condition imposed by both the monetary approval and the price-specie-flow mechanism seems unnecessarily restrictive.

Suggested Citation

  • Maria Cristina Marcuzzo, 2024. "Profitability in the International Gold Market in the Early History of the Gold Standard," Palgrave Studies in the History of Economic Thought,, Palgrave Macmillan.
    • Handle: RePEc:pal:pshchp:978-3-031-63949-4_8
    DOI: 10.1007/978-3-031-63949-4_8
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    More about this item

    Keywords

    Gold standard; Monetary system; Specie flow mechanism; Monetary approach to the balance of payments;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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