Between the Dollar-Sterling Gold Points: Exchange Rates, Parity and Market Behavior (Studies in Macroeconomic History)

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Название:Between the Dollar-Sterling Gold Points: Exchange Rates, Parity and Market Behavior (Studies in Macroeconomic History)

Автор: Lawrence H. Officer

Издательство: Cambridge University Press

ISBN: 052145462X

Дата издания:1996-06-28

Страниц: 364

Язык:Английский

Формат:Djvu

Размер: 1.7 MB

Officer begins this book with a historical perspective of the monetary standards of the United States and Britain. He then develops new data on exchange rates, mint parity, and gold points, with which he investigates three important features of Anglo-American monetary history. First, the integration of the American foreign-exchange market over time. Second, it is proved that gold-point arbitrage is markedly more efficient than either interest arbitrage or forward speculation. Third, regime efficiency is explored from standpoints of both private agents and policy-makers; the 1925-1931 gold standard, though less durable than the prewar standard, is nevertheless shown to be surprisingly stable. The book breaks new ground in understanding of the gold standard. It will serve as a dollar-sterling handbook for those interested in this important aspect of international monetary history.