for global economic trends and the gold market. Overall, the main findings suggest that in the near future, motives other … than inflation hedging will be the main drivers of gold market dynamics. Growth in emerging economies, which are among the … largest sources of gold demand, and financial market uncertainty, will be the most important ones. In particular, even if the …

of Economic Research at Mitsubishi UFJ Financial Group (Europe). His areas of expertise include monetarism in theory and …

Why did monetary authorities hold large gold reserves under Bretton Woods (1944-1971) when only the US had to? We argue … that gold holdings were driven by institutional memory and persistent habits of central bankers. Countries continued to … back currency in circulation with gold reserves, following rules of the pre-WWII gold standard. The longer an institution …