Discussion paper

DP1390 Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions

We compare the resumption of convertibility into gold by the United States in 1879 and the United Kingdom in 1925 to ascertain the degree to which the outcomes reflect differences in strategies adopted by the authorities or in the external environment. It is concluded that external factors were the most important determinant of the very different outcomes of the two episodes.

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Citation

Bordo, M and T Bayoumi (1996), ‘DP1390 Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions‘, CEPR Discussion Paper No. 1390. CEPR Press, Paris & London. https://cepr.org/publications/dp1390

Chicago Daily Tribune headline
VoxEU Column

The end of the gold standard and the beginning of the recovery from the Great Depression

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • Economic history
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  • Exchange Rates
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • Monetary Policy