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18 - Monetary Systems and the Global Balance of Payments Adjustment in the Pre-Gold Standard Period, 1700–1870

from Part II - Factors Governing Differential Outcomes in the Global Economy

Published online by Cambridge University Press:  03 June 2021

By
Rui Pedro Esteves  and
Pilar Nogues-Marco
Edited by
Stephen Broadberry  and
Kyoji Fukao
Stephen Broadberry
Affiliation:
University of Oxford
Kyoji Fukao
Affiliation:
Hitotsubashi University, Tokyo
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Summary

We divide this chapter into four sections. The first section outlines the taxonomy of commodity-based monetary regimes in Europe and their advantages and costs. The second section describes the main international monetary flows in the early modern period and relates them to East-West balance-of-trade adjustments and monetary systems in Asia (1700–1800). In the third section, we turn to the development of the foreign exchange market, which was mostly based on bills of exchange in this period. We explain the expansion of the bills-of-exchange market from the European to the intercontinental network in the mid-nineteenth century. The final section then investigates how nominal exchange rates and relative prices contributed to the global current account adjustments in the near pre-gold standard period (1820s–1870s).

Keywords

monetary systemscommodity-moneybalance of paymentsbills of exchangeprice-specie flow mechanismeffective exchange rates
Type
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The Cambridge Economic History of the Modern World , pp. 438 - 467
Publisher: Cambridge University Press
Print publication year: 2021

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