On the feasibility of returning to the gold standard
In: The quarterly review of economics and finance, Band 78, S. 88-97
ISSN: 1062-9769
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In: The quarterly review of economics and finance, Band 78, S. 88-97
ISSN: 1062-9769
In: Public choice, Band 180, Heft 3-4, S. 501-503
ISSN: 1573-7101
In: Explorations in economic history: EEH, Band 72, S. 74-92
ISSN: 0014-4983
In: Public choice, Band 192, Heft 1-2, S. 127-144
ISSN: 1573-7101
In: European review of economic history: EREH, Band 26, Heft 2, S. 185-207
ISSN: 1474-0044
Abstract
We use the first French experiment with playing card money in its colony of Quebec between 1685 and 1719 to illustrate the link between legal tender restrictions and the price level. Initially, the quantity of playing card money and the government's poor fiscal condition appears to have had little effect on prices. After 1705, however, the playing card money became inflationary. We argue that this was caused by the government's increased enforcement of the legal tender laws and the adoption of a redemption plan intended to remove the notes from circulation.