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The Glitter of GoldFrance
Bimetallism
and the Emergence of the International Gold Standard
1848-1873$
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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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How did International Bimetallism Work? A Monetary Theory

How did International Bimetallism Work? A Monetary Theory

Chapter:
(p.157) 7 How did International Bimetallism Work? A Monetary Theory
Source:
The Glitter of Gold
Author(s):

Marc Flandreau

Publisher:
Oxford University Press
DOI:10.1093/0199257868.003.0008

Chapter 7 provides a model of the operation of bimetallism as a global system, 1850-1870. It argues that the limited impact that the Gold Rush had on price levels can be primarily explained as resulting from a global adjustment process, whereby gold was in part absorbed by gold countries and in part by bimetallic ones, where it displaced silver which got absorbed by silver standard countries: because its effects were spread all over the world, regardless of the underlying standard, the Gold Rush had much more modest effects than contemporary initially feared.

Keywords:   Monetary approach to the balance of payments, Gold Rush, Silver Drain, Eastern silver imports, China, India, Tea and Silk, Cairnes, Gresham's Law

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