The Gold-Exchange Standard and the Great Depression

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1、NBERWORKINGPAPERSERIESTHEGOLD-EXCHANGESTANDARDANDTHEGREATDEPRESSIONBarryEichengreenWorkingPaperNo.2198NATIONALBUREAUOFECONOMICRESEARCH1050MassachusettsAvenueCambridge,MA02138March1987TheresearchreportedhereispartoftheNBER'sresearchprograminInternationalStudies.Anyopinionsex

2、pressedarethoseoftheauthorandnotthoseoftheNationalBureauofEconomicResearch.NBERWorkingPaper#2198March1987TheGold-ExchangeStandardandtheGreatDepressionABSTRACTAnumberofexplanationsfortheseverityoftheGreatDepressionfocusonthemalfunctioningoftheinternationalmonetarysystem.Ones

3、uchexplanationemphasizesthedeflationarymonetaryconsequencesoftheliquidationofforeign—exchangereservesfollowingcompetitivedevaluationsbyGreatBritainandhertradingpartners.AnotheremphasizesinsteadtheinternationalmonetarypoliciesoftheFederalReserveandtheBankofFrance.Thispaperan

4、alyzesboththeexceptionalbehavioroftheU.S.andFranceandtheshiftoutofforeignexchangeafter1930.UhilebothFranco-.Americangoldpoliciesandsystemicweaknessesoftheinternationalmonetarysystememergeasimportantfactorsinexplainingtheinternationaldistributionofreserves,thefirstofthesefac

5、torsturnsouttoplaythemoreimportantroleinthemonetarystringencyassociatedwiththeGreatDepression.BarryEichengreenDepartmentofEconomicsBarrowsHall530UniversityofCaliforniaBerkeley,CA94720TwobroadapproachesdominatetheliteratureonmacroeconomicsoftheGreatDepression.One,associatedm

6、ainlywithstudiesoftheUnitedStates,emphasizesmisguidedpolicyresponsesatthenationallevelasanexplanationfortheDepression'ssingulardepthandlongduration.Theother,withalongtraditionbutassociatedprominentlywiththeworkofCharlesKindleberger,emphasizesinsteadthemalfunctioningoftheint

7、ernationalsystem.Thestrengthofthefirstapproachisthetransparencyofthepropagationmechanism,usuallytakentobedeflationarymonetarytrends.Theweaknessofthesecondispreciselytheopposite,thatthepropagationmechanismtendstobeopaque.Itisnotclearwhatdimensionoftheinternationalsystemmalfu

8、nctionedafter1929,northroughwhatchannelsitsmalfunctioningcontributedtotheDepressio