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O MECANISMO DOS CÂMBIOS EM PADRÃO-OURO. ESTABILIDADE CAMBIAL E VIOLAÇÕES DOS PONTOS DE OURO, 1854-1891

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    ABSTRACT: This paper studies the Gold Standard in Portugal. It was the first country in Europe to join Great Britain in 1854. The principle of free gold convertibility was abandoned in 1891. For the purposes of a macroeconomic study, we also extended the analysis up to 1913. Our study points out the mistake of comparing different systems with the same indicators. Examination of demand, supply and monetary shocks in the context of a VAR model confirm the idea that the principles of classical economics are appropriate for the Gold Standard in Portugal.
    Applied Economics 06/2005; DOI:10.1080/00036846.2010.513675 · 0.46 Impact Factor

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May 26, 2014