Between the Dollar-Sterling Gold Points - Exchange Rates, Parity and Market Behavior

Klappentext Officer begins this book with a historical perspective of the monetary standards of the United States and Britain. He then develops new data on exchange rates! mint parity and gold points! with which he investigates three important features of Anglo-American monetary history. First! the integration of the American foreign-exchange market over time. Second! it is proved that gold-point arbitrage is markedly more efficient than either interest arbitrage or forward speculation. Third! regime efficiency is explored from standpoints of both private agents and policy-makers; the 1925–1931 gold standard! though less durable than the prewar standard! is nevertheless shown to be surprisingly stable. The book breaks ground in understanding of the gold standard. It will serve as a dollar-sterling handbook for those interested in this important aspect of international monetary history. Zusammenfassung This book investigates US-UK monetary relations! 1791 to 1931. It presents and examines data on the exchange rate with emphasis on the institutional and legal aspects. It will serve as a Dollar-Sterling handbook for those interested in this important aspect of international monetary history. Inhaltsverzeichnis List of figures; List of tables; Preface; List of symbols; 1. Introduction; Part I. Monetary Standards: 2. The various monetary standards; 3. American monetary standard; 4. British monetary standard; Part II. Exchange Rate: 5. Parity; 6. Exchange-rate data; 7. Exchange-market integration; Part III. Gold Points: 8. Gold points: theory and practice; 9. Gold-point estimates; Part IV. External and Internal Integration: 10. External integration; 11. Internal integration; Part V. Market Efficiency: 12. Theory of market efficiency; 13. Empirical testing of market efficiency; Part VI. Regime Efficiency; 14. Market forces; 15. Policy variables; 16. Net outcome; Part VII. Conclusions: 17. Summary and conclusions; Notes; References; Index....

Product details

• Authors: Officer Lawrence H., Lawrence H. Officer, Lawrence H. (University of Illinois Officer
• Publisher: Cambridge University Press ELT
• Languages: English
• Product format: Paperback / Softback
• Released: 02.07.2007
• EAN: 9780521038218
• ISBN: 978-0-521-03821-8
• No. of pages: 368
• Series: Studies in Macroeconomic History; Studies in Macroeconomic Histo
• Subject: Social sciences, law, business > Business > General, dictionaries