Gold-Point Arbitrage and Uncovered Interest Arbitrage under the 1925-1931 Dollar-Sterling Gold Standard
In: Explorations in economic history: EEH, Band 30, Heft 1, S. 98-127
ISSN: 0014-4983
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In: Explorations in economic history: EEH, Band 30, Heft 1, S. 98-127
ISSN: 0014-4983
In: The journal of economic history, Band 52, Heft 3, S. 754-755
ISSN: 1471-6372
In: Economic Development and Cultural Change, Band 40, Heft 3, S. 665-670
ISSN: 1539-2988
In: Economic Development and Cultural Change, Band 39, Heft 4, S. 902-906
ISSN: 1539-2988
In: Economic Development and Cultural Change, Band 39, Heft 3, S. 686-688
ISSN: 1539-2988
In: Economic Development and Cultural Change, Band 39, Heft 2, S. 429-432
ISSN: 1539-2988
In: Proceedings of the Academy of Political Science, Band 37, Heft 4, S. 28
In: Economic Development and Cultural Change, Band 37, Heft 3, S. 668-672
ISSN: 1539-2988
In: The journal of economic history, Band 49, Heft 1, S. 1-41
ISSN: 1471-6372
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.
In: The journal of economic history, Band 48, Heft 3, S. 809-811
ISSN: 1471-6372
In: The journal of economic history, Band 47, Heft 1, S. 294-295
ISSN: 1471-6372
In: The journal of developing areas, Band 21, Heft 4, S. 513-515
ISSN: 0022-037X
In: Journal of political economy, Band 94, Heft 5, S. 1038-1073
ISSN: 1537-534X
In: Journal of political economy, Band 94, Heft 5, S. 1038
ISSN: 0022-3808
In: The journal of economic history, Band 45, Heft 3, S. 557-585
ISSN: 1471-6372
Integration in the American foreign-exchange market under the nineteenthcentury specie standard is examined using a newly developed series of the dollar- sterling exchange rate and estimates of specie-point spreads. A distinction is made between internal and external integration. The latter is much more important over the entire 1791 to 1900 time span, but by 1881–1900 the market is tightly integrated in both senses. The long-term trend of improved integration is interrupted only by wartime.