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Book chapter
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English

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

PublisherCambridge University Press
Publication date2021
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 Systems
  • Balance of Payments
  • Price-specie flow mechanism
  • Real effective exchange rates (REERs)
Citation (ISO format)
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.
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Book chapter (Published version)
accessLevelPublic
Identifiers
  • PID : unige:153320
ISBN9781108953771
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184downloads

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