Eichengreen, Barry - C.E.P.R. Discussion Papers - 1987
classical gold standard is similarly ascribed to Britain's dominance of 19th-century financial markets. In contrast, the … instability of the interwar gold-exchange standard is attributed to the absence of a hegemonic power. This paper assesses the … empirical vantage points. Theory is of some help in understanding the relatively smooth operation of the classical gold standard …