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Full Description
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.
Contents
Foreword Anna J. Schwartz; 1. The gold standard and related regimes: introduction to the collection; Part I. History of Doctrine and the Gold Standard: 2. The gold standard: theory; 3. The gold standard: the traditional approach; 4. John E. Cairnes on the effects of the Australian gold discoveries, 1851-73: an early application of the methodology of positive economics; Part II. The Gold Standard as a Commodity Standard: 5. The classical gold standard: some lessons for today; 6. A model of the classical gold standard with depletion written with Richard Wayne Ellson; Part III. The Gold Standard as a Contingent Rule: 7. The gold standard as a commitment mechanism written with Finn E. Kydland; 8. The operation of the specie standard: evidence for core and peripheral countries, 1880-1990 written with Anna J. Schwartz; 9. The gold standard as a 'Good Housekeeping Seal of Approval' written with Hugh Rockoff; Part IV. Historical Case Studies: 10. A tale of two currencies: British and French finances during the Napoleonic Wars written with Eugene N. White; 11. Money, deflation and seigniorage in the fifteenth century: a review essay; Part V. The Bretton Woods International Monetary System: 12. The Bretton Woods International Monetary System: a historical overview; 13. Is there a good case for a Bretton Woods International Monetary System? Index.
