post-1933 US silver purchase program. New empirical evidence suggests a significant link between the policy-induced driving … up of US silver prices and Chinese price and exchange rate levels. Credit shortages, especially away from the Shanghai … financial center, appear to have accompanied the silver-induced price declines and exchange rate appreciation and bad loans tied …

empirical evidence on the importance of non-traditional open market operations by examining the economic effects of FDR's Silver … Purchase Program. We employ a structural VAR to assess silver's role in influencing overall money growth, inflation and output … over the 1934-1938 period. The results suggest that the US silver purchase program was effective and highlight the …

study of Japan's silver market. It starts from the perspective that the source of competitive advantage under fundamental … cognitive conditions. The authors argue that the promise of the eventual size of the silver market is insufficient as an … underestimated, and a helpful mechanism to overcome cognitive path dependencies is soft regulation. -- Market ; creation ; silver …