Monetary Standards and Exchange Rates

Maria Cristina Marcuzzo is Associate Professor of Economics at the University of Rome, La Sapienza. A specialist in classical monetary theory and in the Cambridge School of economics, she is the co-author (with A. Rosselli) of Ricardo and the Gold Standard and co-editor of The Economics of Joan Robinson. She has published articles in Economica, Revue d’Economie Politique, Cambridge Journal of Economics and Review of Political Economy. Lawrence H. Officer is Professor of Economics at the University of Illinois. He has been Visiting Professor at the University of Chicago, Research Consultant at the Bank of Canada, and Consultant at the International Monetary Fund. His academic specialities are monetary history and international economics, and his most recent book is Between the Dollar— Sterling Gold Points: Exchange Rates, Parity and Market Behaviour. Annalisa Rosselli is Associate Professor of Economics at the University of Rome, Tor Vergata. She graduated in mathematics and studied at the London School of Economics. Her publications center on the history of economic thought and on economic history. She is the co-author (with M.C. Marcuzzo) of Ricardo and the Gold Standard.

• INTRODUCTION Part I Monetary systems 1 EXCHANGE-RATE SYSTEMS AND ECONOMIC GROWTH 2 TOWARD AN INTERNATIONAL COMMODITY STANDARD? 3 THE GOLD STANDARD Part II Metallic standards 4 METALLIC STANDARDS AND REAL EXCHANGE RATES 5 “BIMETALLIC SNAKE” AND MONETARY REGIMES: THE STABILITY OF THE EXCHANGE RATE BETWEEN LONDON AND PARIS FROM 1796 TO 1873 6 AS GOOD AS GOLD? BIMETALLISM IN EQUILIBRIUM, 1850–70 7 THE ANCIEN RÉGIME AND THE CLASSICS: MULTIMETALLISM, TABULAR STANDARDS AND THE CLASSICAL THEORY OF MONEY Part III Exchange-rate behavior under the gold standard 8 INTEGRATION IN THE AMERICAN FOREIGN[1]EXCHANGE MARKET, 1791–1931 9 ITALY, THE FISCAL-DOMINANCE MODEL, AND THE GOLD-STANDARD AGE 10 TERMS-OF-TRADE VARIABILITY AND ADHERENCE TO THE GOLD STANDARD: THE CASES OF PORTUGAL AND SPAIN