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Adjustment under the classical gold standard (1870s-1914): how costly did the external constraint come to the European periphery?

Abstract:

Conventional wisdom has that peripheral economies had to 'play by the rules of the game' under the Classical Gold Standard (1870s-1914), while core countries could get away with frequent violations. Drawing on the experience of three core economies (England, France, Germany) and seven peripheral economies (Austria-Hungary, Bulgaria, Greece, Italy, Norway, Serbia, Sweden), my paper argues for a more nuanced perspective on the European periphery. While the conventional view might be true for so...

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Publication status:
Published

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Publisher:
University of Oxford
Series:
Department of Economics Discussion Paper Series
Publication date:
2007-09-01
Paper number:
353
Pubs id:
1144083
Local pid:
pubs:1144083
Deposit date:
2020-12-15

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