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International Monetary Regimes: The Gold Standard

  • Lawrence H. OfficerEmail author
Reference work entry
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Abstract

The classical gold standard is the most famous monetary system that ever existed, with its heyday lasting a third of a century. By the time World War I began, the gold standard had become the predominant national and international monetary system in the world. Countries may be allocated to different groups, depending on the importance of the country to the working of the gold standard, the type of gold standard to which the country adhered, and the extent to which the country observed the standard. Whether automatic or policy-induced, there are implications for the money supply. The main theme is that the gold standard exhibited both elements that promoted stability and forces that fostered instability. Modern time-series analysis has been used to examine various facets of the gold standard, especially the roles of the core countries (Britain, France, Germany, and the United States). While there is apparent consensus on some aspects of the gold standard, controversies continue, and there remains room for further research and reflection.

Keywords

Gold Core Periphery Standard Rules 

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Copyright information

© Springer Nature Singapore Pte Ltd. 2020

Authors and Affiliations

  1. 1.Department of Economics, College of Liberal Arts and SciencesUniversity of Illinois at ChicagoChicagoUSA

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