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„What did guide investors decisions” during the classical gold standard era? The case of Ottoman Empire, 1880-1914

Author

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  • Ali Coskun Tuncer

    (LSE and Ondokuz Mayis University)

Abstract

It has been conventionally argued that the gold standard, as a “good housekeeping seal of approval”, provided an easy access to the international financial markets for the peripheral countries during the classical gold standard era. This paper, by relying on the Ottoman case, questions the importance of the gold-related monetary regime (limping gold standard) as a determinant of investors’ decisions, and attempts to answer the question of “what did guide the investors’ decisions” by relying on the revisionist gold standard literature and historical data. It is concluded that International Financial Control exercised by the representatives of the creditors on the Ottoman finances was an important determinant of the cost of borrowing which was neglected by the literature.

Suggested Citation

  • Ali Coskun Tuncer, 2009. "„What did guide investors decisions” during the classical gold standard era? The case of Ottoman Empire, 1880-1914," SEEMHN papers 2, National Bank of Serbia.
    • Handle: RePEc:nsb:mhnsee:2
    Note: The paper was presented at the Fourth Annual SEEMHN Conference hosted by the National Bank of Serbia, 27 March 2009 in Belgrade.
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Limping Gold Standard; Peripheries; The Ottoman Empire; International Financial Control; Sovereign Debt;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • N25 - Economic History - - Financial Markets and Institutions - - - Asia including Middle East

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