Market Integration in the Golden Periphery. The Lisbon/London Exchange, 1854–1891 |
| |
| Authors: | Rui Pedro Esteves Jaime Reis Fabiano Ferramosca |
| |
| Affiliation: | aUniversity of Oxford, Department of Economics, Brasenose College, Oxford OX1 4AJ, United Kingdom;bCEMPRE – Centro de Estudos Macroeconómicos e de Previsão, Portugal;cInstituto de Ciências Sociais, Universidade de Lisboa, Rua Miguel Lúpi, 18 r/c, 1200-725, Lisboa, Portugal;dFaculdade de Letras do Porto, via Panorâmica, s/n, 4150-564, Porto, Portugal |
| |
| Abstract: | Portugal was the first independent nation to follow Britain in joining the gold standard. Although beset by persistent current account deficits and heavily dependent on foreign capital inflows, it enjoyed a relatively stable tenure of 37 years on gold. This paper shows how it was possible to secure currency stability, despite a lower credibility for the peg and a higher incidence of gold point violations than in core countries. The explanation lies in the central role played by institutional actors, such as the Bank of Portugal and/or the government, whose interventions in the exchange market kept the parity within the band. |
| |
| Keywords: | Portugal Classical Gold Standard Target Zones Central Banking |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
