In 1933, the U.S. unilaterally restructured its debt by declaring that it would no longer honor the gold clause in … Treasury securities. We study the effects of the abrogation of the gold clause on sovereign debt markets, the Treasury … incurred a marginally higher cost of capital by issuing new bonds without the gold clause …

them to mutualise their gold reserves in emergency situations. Gold reserve sharing was especially important in response to … union. But fortunes could change quickly, with emergency recipients of gold turning into providers. Because regional …

From 1836 to 2011, the average real rate of price change for gold in the United States is 1.1% per year and the … gold's real rate of price change with consumption and GDP growth rates are small and statistically insignificantly … different from zero. These negligible covariances suggest that gold's expected real rate of return--which includes an unobserved …

While gold objects have existed for thousands of years, gold's role in diversified portfolios is not well understood …. We critically examine popular stories such as 'gold is an inflation hedge'. We show that gold may be an effective hedge … if the investment horizon is measured in centuries. Over practical investment horizons, gold is an unreliable inflation …

Colonial Americans complained that gold and silver coins (specie) were chronically scarce. These coins could be …

We study the curious patterns of gold holding and trading by central banks during 1979-2010. With the exception of … several discrete step adjustments, central banks keep maintaining passive stocks of gold, independently of the patterns of the … real price of gold. We also observe the synchronization of gold sales by central banks, as most reduced their positions in …

on banks. This paper focuses on a neglected change in monetary policy, the sterilization of gold inflows during 1937, and …