Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard
---- Acknowledgements -----
We thank Scott Potter, Julie Van Tighem, and Mindy Ngo for research assistance; Cristián Echeverría, Aldo Musacchio, Luciano Pezzolo, Matias Morys, Cristian van Rysselberghe, and Gail Triner for assistance with data; and the National Science Foundation for financial support. We also thank Brock Blomberg, Richard Burdekin, Fabio Ghironi, James Nason, Helen Popper, Angela Redish, Hugh Rockoff, Tom Willett, and conference and seminar participants at the ASSA meetings, the Federal Reserve Bank of Atlanta Monetary History Workshop, Cambridge University, Stanford University, and the Political Economy of International Finance Meetings for comments and suggestions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.