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Effective Exchange Rates, 1879-1913

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Abstract

This paper constructs nominal and real multilateral effective exchange rates for Britain, France, Germany and the US during the period of the classical Gold Standard, 1879- 1913. The new data indicate that the major industrial countries saw trend variations in their nominal effective rates, which appear to have been stochastic in nature, and to have reflected a significant amount of trade with non-gold countries. The behaviour of nominal effective rates suggests the existence of common trend patterns across the industrial countries, reflecting similar trading structures in the pre-1914 period. In contrast, the movements of the real effective rates reflect national-specific influences.

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  • Solomou, S. & Catao, L., 1998. "Effective Exchange Rates, 1879-1913," Cambridge Working Papers in Economics 9814, Faculty of Economics, University of Cambridge.
    • Handle: RePEc:cam:camdae:9814
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    Cited by:

    1. Campbell, Douglas L., 2016. "Measurement matters: Productivity-adjusted weighted average relative price indices," Journal of International Money and Finance, Elsevier, vol. 61(C), pages 45-81.
    2. Jeffrey G. Williamson, 2011. "Industrial Catching Up in the Poor Periphery 1870-1975," NBER Working Papers 16809, National Bureau of Economic Research, Inc.
    3. Shimazaki, Masao & Solomou, Solomos, 2001. "Effective exchange rates in Japan 1879-1938," Japan and the World Economy, Elsevier, vol. 13(2), pages 161-178, April.
    4. Williamson, Jeffrey G., 2011. "Industrial Catching Up in the Poor Periphery 1870-1975," CEPR Discussion Papers 8335, C.E.P.R. Discussion Papers.
    5. 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.
    6. Solomou, Solomos & Shimazaki, Masao, 2007. "Japanese episodic long swings in economic growth," Explorations in Economic History, Elsevier, vol. 44(2), pages 224-241, April.
    7. Kalina Dimitrova & Martin Ivanov & Ralitsa Simeonova-Ganeva, 2009. "Effective exchange rates of the Bulgarian Lev 1879-1939," ICER Working Papers 04-2009, ICER - International Centre for Economic Research.

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