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Studies in Macroeconomic History Ser.: Canada and the Gold Standard : Balance of Payments Adjustment under Fixed Exchange Rates, 1871-1913 by John E. Floyd and Trevor J. O. Dick (1992, Hardcover)
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About this product
Product Identifiers
PublisherCambridge University Press
ISBN-100521404088
ISBN-139780521404082
eBay Product ID (ePID)845085
Product Key Features
Number of Pages254 Pages
Publication NameCanada and the Gold Standard : Balance of Payments Adjustment under Fixed Exchange Rates, 1871-1913
LanguageEnglish
SubjectInternational / Economics, Europe / Renaissance, Money & Monetary Policy
Publication Year1992
TypeTextbook
AuthorJohn E. Floyd, Trevor J. O. Dick
Subject AreaBusiness & Economics, History
SeriesStudies in Macroeconomic History Ser.
FormatHardcover
Dimensions
Item Height0.7 in
Item Weight16.8 Oz
Item Length9.3 in
Item Width6.2 in
Additional Product Features
Intended AudienceScholarly & Professional
LCCN91-019222
Reviews"...consitiutes an important and provocative analysis of the Canadian adjustment process under the gold standard." Georg Rich, Journal of Economic History, "Dick and Floyd, two respected economists, have written an interesting and challenging interpretation of how the Canadian economy functioned under the gold standard during a period of massive capital flows as much as they reflect risk differences between imperfect security substitutes in the world's money markets...A must acquisition for any collection on international capital theory, international economics, or general economic theory." Choice
Dewey Edition20
IllustratedYes
Dewey Decimal382/.17/097109034
Table Of ContentList of tables and figures; Preface; 1. Introduction; 2. The standard neoclassical specie-flow mechanism; 3. A new view of gold standard adjustment; 4. An empirical overview; 5. Statistical tests of goods and asset market adjustments; 6. Evidence on the process of balance-of-payments adjustment; 7. Some further evidence on structure and timing; 8. 'Canada's balance': Viner and his critics; 9. The theoretical implications of capital mobility; 10. 'Canada's balance of indebtedness': reinterpretating the historical evidence; 11. Conclusions. How the gold standard worked; Appendices; References; Index.
SynopsisIn this re-examination of Canada's balance-of-payments experience under the gold standard, the authors develop and empirically test a new portfolio approach to the mechanism of balance-of-payments adjustment. This adjustment mechanism responded to massive inflows of foreign capital during a critical period of Canada's economic growth in the early years of the twentieth century. The authors show that the existence of international mobility of capital requires a fundamental revision of the price-specie-flow theory that has traditionally been used to explain adjustment when the balance of payments was more nearly dominated by the balance of trade. The approach taken by Professors Dick and Floyd not only answers the critics of Jacob Viner, who first explored the Canadian case after 1900, but also offers a new perspective on how the gold standard in general actually worked. This interpretation of the Canadian experience is an extension of the monetary approach to balance-of-payments adjustment that realizes the full implications of international capital mobility., In this re-examination of Canada's balance-of-payments experience under the gold standard, the authors develop and empirically test a new portfolio approach to the mechanism of balance-of-payments adjustment., In this reexamination of Canada's balance of payments experience under the gold standard, the authors develop and empirically test a new portfolio approach to the mechanism of balance of payments adjustment. This adjustment mechanism responded to massive inflows of foreign capital during a critical period of Canada's economic growth in the early years of this century. The authors show that the existence of international mobility of capital requires a fundamental revision of the price-specie-flow theory that has traditionally been used to explain adjustment when the balance of payments was more nearly dominated by the balance of trade. The approach Professors Dick and Floyd take not only answers the critics of Jacob Viner, who first explored the Canadian case after 1900, but also offers a new perspective on how the gold standard in general actually worked. The authors apply standard elementary economic principles to this working of the balance of payments under the gold standard, making this book useful reading for those studying intermediate and upper level economics, especially in the field of international finance.
LC Classification NumberHG3883.C3 D53 1992
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