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Competing Bimetallic Ratios: Amsterdam, London, and Bullion Arbitrage in Mid-Eighteenth Century

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Published in Journal of Economic History. 2013, vol. 73, no. 02, p. 445-476
Abstract This article analyzes the stability of bimetallism for countries operating in integrated bullion markets that enact different legal ratios. I articulate a new theoretical framework to demonstrate that two countries can both be bimetallic only if they coordinate their legal ratios. The theoretical framework is applied to the mid-eighteenth century when London’s legal ratio was 3.8 percent higher than that of Amsterdam. I find that Amsterdam was effectively on the bimetallic standard, whereas London was on a de facto gold standard.
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NOGUES-MARCO, Pilar. Competing Bimetallic Ratios: Amsterdam, London, and Bullion Arbitrage in Mid-Eighteenth Century. In: Journal of Economic History, 2013, vol. 73, n° 02, p. 445-476. https://archive-ouverte.unige.ch/unige:77464

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Deposited on : 2015-11-22

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