NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions

Michael D. Bordo, Tamim Bayoumi

NBER Working Paper No. 5497 (Also Reprint No. r2197)
Issued in March 1996
NBER Program(s):   DAE   IFM   ME

We compare the resumption of convertibility into gold by the United States in 1879 and Britain in 1925 to ascertain the degree to which the outcomes reflected differences in strategies adopted by the authorities or in the external environment. It is concluded that external factors were the most important determinant of the very different outcomes of the two episodes.

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Document Object Identifier (DOI): 10.3386/w5497

Published: Oxford Economic Papers, No. 50, pp. 122-149, January 1998

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