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How the gold standard functioned in Portugal: an analysis of some macroeconomic aspects

Duarte, António Portugal; Andrade, João Sousa - EconWPA - 2005

This paper studies the Gold Standard in Portugal. It was the first country in Europe to join Great Britain in 1854. The principle of free gold convertibility was abandoned in 1891. For the purposes of a macroeconomic study, we also extended the analysis up to 1913. Our study points out the...

Persistent link: https://www.econbiz.de/10005412543

The Portuguese Disinflation Process: Analysis of Some Costs and Benefits

Duarte, António Portugal - EconWPA - 2005

This study aims to analyse the Portuguese economic policy of disinflation through a nominal stabilization policy of the Portuguese escudo. We study the pegging of the Portuguese escudo (PTE) to the Deutsch mark (DM) knowing the reputation of the Bundesbank for its anti- inflationary record and...

Persistent link: https://www.econbiz.de/10005556600

Exchange-Rate Regimes and International Trade: Evidence from the=20 Classical Gold Standard Era

J. Ernesto L=F3pez-C=F3rdova; = =20 Chris Meissner - EconWPA - 2001

In this paper we show that the spread of the classical gold=20 standard in the late nineteenth century increased international trade=20 flows. This positive effect was compounded whenever a group of countries=20 formed a monetary union. Applying the gravity model of trade to more than=20 1,100...

Persistent link: https://www.econbiz.de/10005556788

Is the Euro Working? The Euro and European Labour Markets

Silvia, Stephen - EconWPA - 2005

Now that four years have passed since the introduction of the euro as a commercial currency, it has become possible to assess many arguments made in the abstract during the 1990s about the implications of monetary union. This contribution does precisely that. In brief, the euro zone still falls...

Persistent link: https://www.econbiz.de/10005124952

Global Implications of Self-Oriented National Monetary Rules

Obstfeld, Maurice; Rogoff, Kenneth - EconWPA - 2003

It is well known that if international linkages are relatively small, the potential gains to international monetary policy coordination are typically quite limited. But what if goods and financial markets are tightly linked? Is it then problematic if countries unilaterally design their...

Persistent link: https://www.econbiz.de/10005412606

The Economics of International Monies

Gerald P. Dwyer Jr.; Lothian, James R. - EconWPA - 2003

The purpose of this paper is to examine the history of international monies and the theory related to their adoption … and use. We summarize the history of international monies, beginning with a discussion of the gold solidus introduced in … theoretical discussion of these common characteristics that explains much of this history. …

Persistent link: https://www.econbiz.de/10005556639

Internal Versus External Convertibility and Developing-Country Financial

Paolera, Gerardo della; Taylor, Alan M. - EconWPA - 2000

Argentina’s money and banking system was hit hard by the Great Depression. The banking sector was awash with bad assets that built up in the 1920s. Gold convertibility was suspended in December 1929, even before the crisis seriously damaged the core economies. Commonly, these events are seen...

Persistent link: https://www.econbiz.de/10005561092

International Money and Common Currencies in Historical Perspective

Gerald P. Dwyer Jr.; Lothian, James R. - EconWPA - 2003

We review the history of international monies and the theory related to their adoption and use. There are four key …

Persistent link: https://www.econbiz.de/10005119498

Optimum currency area theory: A selective review

Horvath, Julius - EconWPA - 2004

The first part of this paper is a review of significant papers in the vast literature on optimum currency area (OCA) theory. The author focuses on the main classical contributions, then considers modern treatment of OCA theory. The second part considers empirical literature on the types of...

Persistent link: https://www.econbiz.de/10005561289

The impact on the U.S. Dollar of the conflict between the American locomotive’s model and the emerging economies’ autopoietic growth.

Viviani, Carlo; Savona, Paolo - EconWPA - 2005

The purpose of this paper is to put the future of the US dollar into a logical framework which comprises the global development mechanism. Two models of growth collide: the US «locomotive», based on the international use of the dollar, and which requires exogenous pushes coming permanently...

Persistent link: https://www.econbiz.de/10005124951

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