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Exchange Rates in the Periphery and International Adjustment Under the Gold Standard
2003
IMF Working Papers
The role of exchange rate flexibility in the periphery of the gold standard has been grossly overlooked. This paper builds a new dataset on trade-weighed exchange rates for the period 1870-1913 and finds that large currency movements in periphery countries operating inconvertible papermoney and silver-standard regimes induced major fluctuations in effective exchange rates worldwide. We relate the phenomenon to the international trade structure at the time and show that such currency
doi:10.5089/9781451846126.001
fatcat:elrrzn7b4ze4faykhaso4xlqlm