The Gold Standard and Related Regimes: Collected Essays

by
Format: Paperback
Pub. Date: 2005-11-17
Publisher(s): Cambridge University Press
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Summary

This book contains a collection of Michael D. Bordo's essays, written singly and with colleagues, on the classical gold standard and related regimes based directly or indirectly on gold convertibility. The gold standard (and its variants) was the basis for both international and domestic monetary arrangements from the third quarter of the nineteenth century until 1971 when President Nixon closed the US gold window, effectively ending the Bretton Woods International Monetary System. Although the gold standard and its variants are now history, it still has great appeal for policymakers and scholars. Several desirable features of the gold standard have resources for the ongoing issue of international monetary reform. They include its record as a stable nominal anchor; its automaticity; and its role as a credible commitment mechanism. The essays in this collection are organized around several themes: gold and the international monetary system; the commodity theory of money; the gold standard as a rule; variants of the gold standard including the interwar gold standard and the Bretton Woods International Monetary System.

Table of Contents

Foreword by Anna J. Schwartz ix
1 The Gold Standard and Related Regimes: Introduction to the Collection 1(26)
Part I. History of Doctrine and the Gold Standard
2 The Gold Standard: Theory
27(12)
3 The Gold Standard: The Traditional Approach
39(86)
4 John E. Cairnes on the Effects of the Australian Gold Discoveries, 1851-73: An Early Application of the Methodology of Positive Economics
125(24)
Part II. The Gold Standard as a Commodity Standard
5 The Classical Gold Standard: Some Lessons for Today
149(30)
6 A Model of the Classical Gold Standard with Depletion written with Richard Wayne Ellson
179(16)
Part III. The Gold Standard as a Contingent Rule
7 The Gold Standard as a Commitment Mechanism written with Finn E. Kydland
195(43)
8 The Operation of the Specie Standard: Evidence for Core and Peripheral Countries, 1880-1990 written with Anna J. Schwartz
238(80)
9 The Gold Standard as a "Good Housekeeping Seal of Approval" written with Hugh Rockoff
318
Part IV. Historical Case Studies
10 A Tale of Two Currencies: British and French Finances During the Napoleonic Wars written with Eugene N. White
367(15)
11 Money, Deflation, and Seigniorage in the Fifteenth Century: A Review Essay
382(13)
Part V. The Bretton Woods International Monetary System
12 The Bretton Woods International Monetary System: A Historical Overview
395(106)
13 Is There a Good Case for a New Bretton Woods International Monetary System?
501(12)
Index 513

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