Exchange Rates in the Periphery and International Adjustment Under The Gold Standard

@inproceedings{Cato2003ExchangeRI,
  title={Exchange Rates in the Periphery and International Adjustment Under The Gold Standard},
  author={Luis Cat{\~a}o and Solomos Solomou},
  year={2003}
}
The role of exchange rate flexibility in the periphery of the gold standard has been grossly overlooked. This paper builds a new dataset on trade-weighed exchange rates for the period 1870– 1913 and finds that large currency movements in periphery countries operating inconvertible papermoney and silver-standard regimes induced major fluctuations in effective exchange rates worldwide. We relate the phenomenon to the international trade structure at the time and show that such currency… CONTINUE READING

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