The emergence of the Classical Gold Standard

摘要: This paper asks why the Classical Gold Standard (1870s - 1914) emerged: Why did vastmajority of countries tie their currencies to gold in late 19th century, while there was onlyone country – UK on 1850? The literature distinguishes a number theories toexplain won over bimetallism and silver. We will show pitfalls these theories(macroeconomic theory, ideological political economy choice between andsilver) that neither early English lead following nor German shift togold 1873 were as decisive conventional accounts have it. Similarly, we argue thesilver supply shock materializing 1870s only nail coffin silverand bimetallic standards. Instead, focus impact 1850s (dueto immense discoveries California Australia) European monetarysystem. Studying monetary commissions 13 1861 1874,we pan-European movement favour monometallism motivatedby three key factors: being available sufficient quantities actually contemplate thetransition for larger (while silver had becomeextremely scarce bloc, which single most important currency area interms GDP), widespread misgivings working fact goldcould encapsulate substantially more value same volume than (i.e. coinconvenience). In our view, then, emergence imminentin 1860s; would move first is often erroneouslyattributed Germany secondary importance.