G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1228
DP1228 The Role of Services in the Structure of Production and Trade: Stylized Facts from a Cross-Country Analysis
Joseph Francois; Kenneth A Reinert
发表日期1995-08-31
出版年1995
语种英语
摘要This paper is an exploration of the theory of endogenous regime changes which takes as an illustration the making of the classical gold standard. The international gold-based fixed exchange rate regime that surfaced during the 1870s has traditionally been interpreted as resulting from a mix of structural factors (Kindleberger (1993)), free-rider problems (Kenwood and Lougheed (1972)), transaction costs considerations (Redish (1992)), or political economy forces (Gallarotti (1990)). This paper - initially written to disentangle these various theories - argues that none of the traditionally accepted views proves sufficiently robust to closer scrutiny. We build a model of the pre-1870 international monetary system which allows us to formally test and reject the `free-rider' and `structural' views. We rely on historical and microeconomic evidence to criticize the `transaction costs' and `political economy' theories. Finally, we provide an alternative explanation of the emergence of the gold standard. Our conclusion is twofold. First, we argue that the making of the gold standard was very much the result of path-dependency and coordination problems. Second, we claim that the very process through which the gold standard was adopted played a major role in shaping its operation.
主题International Macroeconomics
关键词Central banking Coordination Gold standard International monetary system Regime change
URLhttps://cepr.org/publications/dp1228
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/530370
推荐引用方式
GB/T 7714
Joseph Francois,Kenneth A Reinert. DP1228 The Role of Services in the Structure of Production and Trade: Stylized Facts from a Cross-Country Analysis. 1995.
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