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Monetary systems and the global balance-of-payments adjustment in the pre-gold standard period, 1700-1870

Authors
Esteves, Rui Pedro
Published in The Cambridge economic history of the modern world. Cambridge University Press. 2021, p. 438-467
Abstract The chapter focus on the monetary systems and the global balance-of-payments adjustment in the pre-gold standard period. The first section outlines the taxonomy of commodity-based monetary regimes in Europe and their advantages and costs. The second section describes the main international monetary flows in the Early Modern period and relates them to East-West balance-of-trade adjustments and monetary systems in Asia (1700-1800). In the third section, we turn to the development of the foreign exchange market, which was mostly based on bills of exchange in this period. We explain the expansion of the bills-of-exchange market from the European to the intercontinental network in the mid-19th century. The final section then investigates how nominal exchange rates and relative prices contributed to the global current account adjustments in the near pre-gold standard period (1820s-1870s).
Keywords Monetary SystemsBalance of PaymentsPrice-specie flow mechanismReal effective exchange rates (REERs)
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ISBN: 9781108953771
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ESTEVES, Rui Pedro, NOGUES-MARCO, Pilar. Monetary systems and the global balance-of-payments adjustment in the pre-gold standard period, 1700-1870. In: The Cambridge economic history of the modern world. Cambridge University Press : [s.n.], 2021. p. 438-467. https://archive-ouverte.unige.ch/unige:153320

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Deposited on : 2021-07-26

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