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The Gold Standard Since Alec Ford

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  • Eichengreen, Barry

Abstract

This paper surveys studies of the classical Gold Standard published subsequent to Alec Ford's The Gold Standard 1880-1914: Britain and Argentina in 1962. Contributions tend either to emphasize stock equilibrium in money markets or stock-flow interactions in bond markets. The paper then addresses how the Gold Standard worked. A key element of my explanation for the stability of the Gold Standard is the credibility of the official commitment to gold. Knowing that policy-makers would intervene in defence of the Gold Standard, markets responded in the same direction in anticipation of official action. Hence the need for actual intervention was minimized. Credibility derived from the fact that the commitment to the Gold Standard was international: central banks like the Bank of England could rely on foreign assistance in times of exceptional stress. Again, the need for actual assistance was minimized because the commitment to offer it was fully credible.

Suggested Citation

  • Eichengreen, Barry, 1989. "The Gold Standard Since Alec Ford," CEPR Discussion Papers 347, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:347
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    Cited by:

    1. Maurice Obstfeld, 1993. "The Adjustment Mechanism," NBER Chapters, in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 201-268, National Bureau of Economic Research, Inc.
    2. Michael D. Bordo & Finn E. Kydland, 1990. "The Gold Standard as a Rule," NBER Working Papers 3367, National Bureau of Economic Research, Inc.
    3. Bayoumi, Tamim & Bordo, Michael D, 1998. "Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions," Oxford Economic Papers, Oxford University Press, vol. 50(1), pages 122-149, January.

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