subjected economies to a "commodity lottery" in the form of price fluctuations in world markets. Capital mobility and a currency … gold standard. We identify (i) positive effects of commodity-export prices on real GDP and the domestic price level and (ii …

This paper uses a broad geographical sample to investigate stock market integration during the classical Gold Standard … integration increased during the first decades of the Gold Standard before levelling off thereafter. However, a comparison with …

devaluation. Using a new high-frequency data set on commodity-price movements from the classical gold standard era, we then show …