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Title: Scylla and Charybdis. Explaining Europe?s Exit from Gold, January 1928- December 1936

Author(s): Nikolaus Wolf

Publication Date: February 2008

Keyword(s): Europe, Gold-Exchange Standard and Interwar Period

Programme Area(s): International Macroeconomics

Abstract: The paper examines the timing of exit from the interwar gold-exchange standard for a panel of European countries, based on monthly data over the period January 1928 - December 1936. I show that the decision of exit from gold can be understood in terms of a trade-off between a quite limited set of factors commonly suggested in the theoretical literature on currency crises. A simple and parsimonious econometric framework that nests various hypotheses allows predicting the very month when a country will exit gold in the 1930s.

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Bibliographic Reference

Wolf, N. 2008. 'Scylla and Charybdis. Explaining Europe?s Exit from Gold, January 1928- December 1936'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=6685