Intro -- 1. Introduction -- 2. The Efficiency of Financial Markets With Special Reference to Commodity Futures Markets - A Review -- 2.1 The Efficient Market Hypothesis vs. Behavioural Finance Theories: Insights into the Efficiency of Financial Markets -- 2.1.1 The Efficient Market Hypothesis:...

We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that...