Flandreau, Marc; Le Cacheux, Jacques; Zumer, Frédéric - C.E.P.R. Discussion Papers - 1998
draw a fresh picture of the European gold standard, and use it to derive a number of useful implications. The paper’s basic … finding is that the stability of the European gold standard depended on the stance of the common monetary policy. Under the … gold standard, this stance was disturbingly deflationary prior to 1895. As a result, debts became exceedingly heavy and …