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- W1567428182 abstract "While to the layman the idea of a modern day conjures up images of gold coins and bullion hidden in the crypts of Fort Knox backing the value of the American currency, to students of international economics, the connotation of a gold standard is quite different. To the latter, the gold standard is merely one of several alternative systems of international monetary adjustment—a system for settling, and ultimately correcting, payments imbalances in a country's international accounts. However, given the key role of the dollar in international trade (dollars are used in over 70 percent of all international transactions), it should be obvious to anyone, whether layman or international financier, that any unilateral move by the United States towards a gold standard would have dramatic implications for the international monetary system. This suggests that any judgment on the merits of such a move must take into consideration its international impact. This article focuses on one small aspect of the gold standard: the supposed automaticity of the international gold standard in restoring equilibrium in a country's balance of payments. Although there are numerous other issues pertinent to the evaluation of the gold standard as a system of international adjustment, many of these issues revolve around the responses of national economies to disturbances originating abroad. These responses depend upon the speeds of adjustment of a plethora of economic variables— questions that were considered beyond the scope of this article. Rather, we will focus here on the narrow question: To what extent does the international gold standard remove the discretionary ability of governments to control their national monetary supplies,thereby forcing the adjustments necessary to restore equilibrium in the balance of payments? To answer this question, we will first examine the intellectual roots of the idealized gold standard, the so-called price-specie flow mechanism, with a view towards understanding both the origins of the concept of international adjustment and the merits of the gold standard when it is left to operate freely. Second, we will examine the theoretical operation of the gold standard when we move from the realm of commodity money to the existence of fractionally backed or credit money. Finally, we will look briefly at the actual functioning of the gold standard during the period considered to be most representative of its operation in a pure form—the period 1879-1913. It will be argued below that while the pure international gold standard should, in principle, function well as a system of international adjustment, its operation in practice leaves considerable room for government manipulation. Moreover, the historical record indicates that it was the threat of reserve flows (which could exist under any system of fixed exchange rates) and a specific government focus on the balance of payments that ensured a general worldwide coordination of monetary policy rather than gold flows per se." @default.
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- W1567428182 date "1981-01-01" @default.
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- W1567428182 title "Gold in the international arena: how automatic is international adjustment?" @default.
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