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Competing Bimetallic Ratios: Amsterdam, London, and Bullion Arbitrage in Mid-Eighteenth Century.
- Source :
- Journal of Economic History; Jun2013, Vol. 73 Issue 2, p445-476, 32p
- Publication Year :
- 2013
-
Abstract
- This article analyzes the stability of bimetallism for countries operating in integrated bullion markets that enact different legal ratios. I articulate a new theoretical framework to demonstrate that two countries can both be bimetallic only if they coordinate their legal ratios. The theoretical framework is applied to the mid-eighteenth century when London's legal ratio was 3.8 percent higher than that of Amsterdam. I find that Amsterdam was effectively on the bimetallic standard, whereas London was on a de facto gold standard. [ABSTRACT FROM PUBLISHER]
Details
- Language :
- English
- ISSN :
- 00220507
- Volume :
- 73
- Issue :
- 2
- Database :
- Complementary Index
- Journal :
- Journal of Economic History
- Publication Type :
- Academic Journal
- Accession number :
- 87730718
- Full Text :
- https://doi.org/10.1017/S0022050713000326