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• W2768099251 abstract "The development history of the international monetary system can be divided into four stages as follows: gold standard, the interwar period, Bretton Woods, and the post-Bretton Woods system. In particular, during the gold standard (1879–1914), the standard economic unit of account is based on a fixed quantity of gold. It includes three types: specie, bullion, and exchange. The critical feature of the gold standard is its self-equilibrium nature. After a nation committed to an official gold price and convertibility with open current and capital accounts, the mechanisms producing “automatic adjustment” were classically described by the price-specie flow mechanism associated with David Hume. If a country suffered from trade deficit, this country would rather pay with gold as the currency depreciated (compared to the trade surplus country). This process would equilibrate the trade balance between the two countries as the prices in the previously deficit country became more attractive. This self-adjustment mechanism was determined by the supply and demand of gold in the world." @default.
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• W2768099251 date "2017-11-26" @default.
• W2768099251 modified "2023-09-26" @default.
• W2768099251 title "A General Theory of International Money" @default.
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• W2768099251 doi "https://doi.org/10.1007/978-3-319-67765-1_21" @default.
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