The Remarkable Efficiency of the Dollar-Sterling Gold Standard, 1890–1906

Lawrence H. Officer

55 citations0/0 files storedThe Journal of Economic History

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Historical Economic and Social Studies

Abstract

The article develops a model of gold-standard efficiency in the context of the theory of efficient asset markets. Efficiency is measured by the ratio of experienced disutility to the hypothetical loss under perfect gold arbitrage and neutral exchange-rate speculation. Dollar-sterling gold-point estimates for 1890 to 1906 are generated using the methodology of focusing on the dominant arbitrageurs, the prevailing exchange instrument, and the primary form of gold shipped. Gold- standard efficiency is remarkably high and only marginally below exchange- market efficiency from 1950 to 1966 under Bretton Woods.

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References

1970EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*1964A Monetary History of the United States 1867-1960 1964A Monetary History of the United States, 1867-1960 1986Handbook of international economics 1984A Retrospective on the Classical Gold Standard, 1821-1931 1968History of crises under the national banking system 2024History of Crises under the National Banking System 1936Bank of England Operations, 1890-1914.

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