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The Glitter of GoldFrance
and the Emergence of the International Gold Standard
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Marc Flandreau

Print publication date: 2004

Print ISBN-13: 9780199257867

Published to Oxford Scholarship Online: August 2004

DOI: 10.1093/0199257868.001.0001

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Gold–Silver Points: Domestic Arbitrages and the Bimetallic System

Gold–Silver Points: Domestic Arbitrages and the Bimetallic System

(p.28) 2 Gold–Silver Points: Domestic Arbitrages and the Bimetallic System
The Glitter of Gold

Marc Flandreau

Oxford University Press

Chapter 2 studies the arbitrage mechanism between gold and silver monies at the national level, focusing on the French experience 1848-1870. It shows that, when the effects of the California and Australia gold discoveries combined with the existence of transaction costs contributed to a regionalization of the circulation by currency types in bimetallic economies, rather than to the displacement of silver by gold. As a result, gold became predominant in advanced regions, while silver remained in rural areas.

Keywords:   Bimetallic Arbitrage, Shipping, Monetary Geography, Bullion markets, Circulation, Money balances

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