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- W2273670597 abstract "Under the gold standard era, exchange rates were managed not through adjustment in the current account but through changes in the capital account and stock of monetary gold and reserves. Though the exchange rate of a currency was theoretically directly linked to the central bank's stock of monetary gold reserves, the countries that had a greater rate of interest elasticity of capital flows could keep a low stock of these reserves. For these countries, interest rate policy was used to stabilise exchange rates. The rate of interest elasticity of capital flows was dependent upon its currency's use as international money. And the degree of use of a currency as international money was dependent upon the issuing country's economic and political hegemony." @default.
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- W2273670597 date "2016-01-01" @default.
- W2273670597 modified "2023-09-23" @default.
- W2273670597 title "Exchange Rate Management in Gold Standard Era: A Historical Overview" @default.
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