Monetary Regimes in Transition (Studies in Macroeconomic by Michael D. Bordo, Forrest Capie

By Michael D. Bordo, Forrest Capie

This crucial contribution to comparative financial historical past examines varied international locations' reports with diverse financial regimes. The individuals lay specific emphasis on how the regimes fared whilst positioned below pressure corresponding to wars and/or different adjustments within the financial setting. protecting the event of ten nations over the interval 1700-1990, the ebook employs the newest strategies of monetary research with a purpose to comprehend why specific financial regimes and regulations succeeded or failed.

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2 Political scientists have been limited in the opposite direction: approaching regime change and formation as necessarily a political phenomenon. Regimes form and are transformed through the exercise of power or changes in political power structures. 3 Beginning with the Reichstag's mandate to make the gold mark the basic unit of account and restrict the minting of territorial silver coin in Germany in 1871, the transition from bimetallic and silver standards to a gold standard represented a compelling trend in the monetary systems of developed nations in the 1870s.

The father of German monetary unification Ludwig Bamberger himself believed in the inevitability of the movement toward more convenient mediums of exchange in Germany. Under any dual-standard system, he reasoned, the more convenient standard will displace the less convenient. 63 Both White (1893, pp. 14, 15) and Helfferich (1927, p. 149) saw convenience as a principal factor behind the course of German monetary unification in the 1870s. In the US, monetary experts questioned the rationality of maintaining a standard with silver coins in large denominations.

In Sweden, for example, the silver rix thaler was the central monetary coin, but trade was cleared in gold ducats. 74 One major concern behind the attempt at an international monetary union at the Conference of 1867 was with reducing the transaction costs of foreign trade through the institution of a common gold standard. Laughlin (1886, p. 152) underscored the pressure put on French monetary authorities to use gold as a result of the growth of trade after 1848. In Belgium, where the trade sector was large relative to the economy, the pressure for gold was especially acute.

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