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The Supply of Gold Under the Pre-1914 Gold Standard

Author

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  • Barry Eichengreen

    (University of California, Berkeley)

  • Ian W. McLean

    (Department of Economics, University of Adelaide)

Abstract

In this paper we attempt to relate the discussion of the discovery and production of gold which appears in the literature on international monetary economics to that found in writings on economic development in the regions of recent settlement. An examination of both national and regional evidence, with emphasis on U.S. experience in the late nineteenth century, suggests that the influence of real gold prices on production is not dominant, and that other economic conditions (such as prior levels of settlement) cannot be ignored.

Suggested Citation

  • Barry Eichengreen & Ian W. McLean, 1991. "The Supply of Gold Under the Pre-1914 Gold Standard," School of Economics and Public Policy Working Papers 1991-03, University of Adelaide, School of Economics and Public Policy.
    • Handle: RePEc:adl:wpaper:1991-03
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    File URL: https://media.adelaide.edu.au/economics/papers/doc/wp1991-03.pdf
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    References listed on IDEAS

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    1. Michael D. Bordo & Anna J. Schwartz, 1984. "A Retrospective on the Classical Gold Standard, 1821-1931," NBER Books, National Bureau of Economic Research, Inc, number bord84-1, June.
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    Cited by:

    1. Bordo, Michael D., 1986. "Explorations in monetary history: A survey of the literature," Explorations in Economic History, Elsevier, vol. 23(4), pages 339-415, October.
    2. Gerlach, Stefan & Stuart, Rebecca, 2024. "Commodity prices and international Inflation, 1851–1913," Journal of International Money and Finance, Elsevier, vol. 144(C).
    3. Mitchener, Kris James & McLean, Ian W, 2003. "The Productivity of US States since 1880," Journal of Economic Growth, Springer, vol. 8(1), pages 73-114, March.
    4. Stefan Gerlach & Rebecca Stuart, 2024. "International co-movements of inflation, 1851–1913," Oxford Economic Papers, Oxford University Press, vol. 76(4), pages 997-1013.
    5. Jilmar Robledo-Caicedo, 2019. "¿A dónde se fue la fortuna? Historia económica y social del Chocó, Colombia," Cuadernos de Historia Económica 52, Banco de la Republica de Colombia.
    6. Ian W. McLean, 2006. "Recovery From Depression: Australia In An Argentine Mirror 1895–1913," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 46(3), pages 215-241, November.
    7. Selvanathan, Saroja & Selvanathan, E. A., 1999. "The effect of the price of gold on its production: a time-series analysis," Resources Policy, Elsevier, vol. 25(4), pages 265-275, December.
    8. 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.
    9. Dwarkasing, N.R.D., 2014. "Essays on historical banking," Other publications TiSEM c101ecf0-6709-4fb7-a27a-4, Tilburg University, School of Economics and Management.

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