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Restoring an international gold standard—A viable alternative?

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  • Monetary Policy
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Intereconomics

Abstract

The Gold Commission, whose 17 members were appointed by President Reagan in June 1981, has been conferring since autumn last year. The task of this commission is to discuss the pros and cons of restoring some gold backing for the dollar and to study the role of gold in the international economy. Prof. Zippel analyses whether an international gold standard would at all be able to operate trouble-free under present conditions.

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References

  1. Cf. Morgan Guaranty Trust (ed.): World Financial Markets, No. 9/1981, p. 5.

  2. Cf. Interview with A. B. Laffer, in: Süddeutsche Zeitung, Nov. 12, 1981, p. 30.

  3. Cf. e. g. R. E. Weintraub: Restoring the Gold Certificate Reserve, in: Joint Economic Committee (ed.): The Gold Standard: Its History and Record against Inflation (Joint Economic Committee Print No. 83-769-0), Washington 1981, p. 21 ff.

  4. R. W. Jepsen: Foreword, in: Joint Economic Committee (ed.), op. cit.: The Gold Standard: Its History and Record against Inflation (Joint Economic Committee Print No. 83-769-0), Washington 1981, p. V.

  5. R. W. Jastram: The Gold Standard: Its History and Record against Inflation, in: Joint Economic Committee (ed.), op. cit., The Gold Standard: Its History and Record against Inflation (Joint Economic Committee Print No. 83-769-0), Washington 1981, p. 12 f.; interview with A. B. Laffer, in: Euromoney, 8/1980, p. 32.

  6. Cf. B. B. Aghevli: The Balance of Payments and Money Supply under Gold Standard Regime: U.S. 1879–1914, in: American Economic Review, Vol. 65, 1975, p. 56.

  7. Cf. R. E. Weintraub, op. cit., Restoring the Gold Certificate Reserve, in: Joint Economic Committee (ed.): The Gold Standard: Its History and Record against Inflation (Joint Economic Committee Print No. 83-769-0), Washington 1981, p. 21.

  8. cf. R. W. Jastram, op. cit., The Gold Standard: Its History and Record against inflation, in: Joint Economic Committee (ed.), The Gold Standard: Its History and Record against Inflation (Joint Economic Committee Print No. 83-769-0), Washington 1981, p. 9 f.

  9. R. Triffin: After the Gold Exchange Standard?, in: Weltwirtschaftliches Archiv, No. 87, 1961, p. 189 f; E. Küng: Die Versorgung der Weltwirtschaft mit Währungsreserven (Supplying the International Economy with Monetary Reserves), Tübingen 1974, p. 6.

  10. Cf. H. Möller: Möglichkeiten und Grenzen (Possibilities and Limits), in: Kreditwesen, Vol. 8, 1955, p. 26; O Issing: Reform des internationalen Währungssystems—das Ende einer Illusion? (Reform of the International Monetary System—End of an Illusion?), in: Außenwirtschaft, Vol. 29, 1974, p. 317; H. Weise: Möglichkeiten und Grenzen des Goldes im internationalen Währungssystem (Possibilities and Limits of Gold in the International Monetary System), in: Weltwirtschaftliches Archiv, Vol. 101, 1968, p. 210.

  11. Since the gold standard was dropped at the start of the 1930s more gold has been mined than in the entire period from ancient times up to 1930. Cf. H. Weise: Gold als gewerblicher Rohstoff, Vermögensanlage und Währungsreserve (Gold as an Industrial Raw Material, a Capital Investment and a Monetary Reserve), in: Weltwirtschaftliches Archiv, Vol. 107, 1971, pp. 324, 331.

  12. Cf. E. Küng: Die Selbstregulierung der Zahlungsbilanz (Selfregulation of the Balance of Payments), St. Gall 1948, pp. 199, 234, 242.

  13. Cf. A. I. Bloomfield: Monetary Policy under the International Gold Standard: 1880–1914, New York 1959, p. 60; M. Seeger: Die Politik der Reichsbank von 1876–1914 im Lichte der Spielregeln der Goldwährung (The Policies of the Reichsbank 1876–1914 in the Light of theRules of Gold Currency), Berlin 1968, p. 136.

  14. Cf. A. I. Bloomfield, op. cit., Monetary Policy under the International Gold Standard: 1880–1914, New York 1959, p. 55 f.

  15. Cf. J. Rueff: Marshall-Plan für den Dollar (Marshall Plan for the Dollar), in: Wirtschaftswoche, 1973, No. 12, pp. 68, 70.

  16. R. W. Jastram, op. cit., The Gold Standard: Its History and Record against inflation, in: Joint Economic Committee (ed.), The Gold Standard: Its History and Record against Inflation (Joint Economic Committee Print No. 83-769-0), Washington 1981, p. 12 f.

  17. Cf. Citibank (ed.): Die Entwicklung der Großhandelspreise in Deutschland seit den Napoleonischen Kriegen (The Development of Wholesale Prices in Germany since the Napoleonic Wars), Frankfurt/M. 1979.

  18. For further details cf. R. W. Jastram, op. cit., The Gold Standard: Its History and Record against Inflation, in: Joint Economic Committee (ed.), The Gold Standard: Its History and Record against Inflation (Joint Economic Committee Print No 83-769-0), Washington 1981, p. 2 ff.

  19. Cf. Interview with A. B. Laffer, op. cit., in: Süddeutsche Zeitung, Nov. 12, 1981, p. 30.

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  1. Technical University, Munich

    Wulfdiether Zippel

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  1. Wulfdiether Zippel
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Zippel, W. Restoring an international gold standard—A viable alternative?. Intereconomics 17, 60–64 (1982). https://doi.org/10.1007/BF02924826

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