After moving slowly downward for the better part of four decades, central bank gold holdings have risen since the … Global Financial Crisis. We identify 14 "active diversifiers," defined as countries that purchased gold and raised its share … diversifiers into gold are exclusively emerging markets. We document two sets of factors contributing to this trend. First, gold …

In the early 1870s, the global monetary system transitioned from bimetallism-a regime in which gold and silver … currencies were tied at quasi-fixed exhange ratios-to the gold standard that was characterized by the use of (only) gold as the …) analyzing the transition from bimetallism to gold as a multi-stage currency game played by France and Germany; and (iii …

complementary monetary policy tool to stimulate the economy and combat the risks of deflation when the policy interest rate is at …

advanced countries as well, but we find that deflation risk from aging is not inevitable as ambitious structural reforms and an …

would also facilitate a reduction in inflation, which would moderate gold imports and favorably impact real exchange rate …

gold standard and the rise and fall of the Bretton Woods system of fixed exchange rates. The analysis emphasizes the …