TY - BOOK ID - 84538573 TI - Exchange Rates in the Periphery and International Adjustment Under the Gold Standard AU - Catão, Luis. AU - Solomou, Solomos. PY - 2003 SN - 1462326838 1452789630 128160304X 1451893353 9786613783738 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Investments: Metals KW - Foreign Exchange KW - International Monetary Arrangements and Institutions KW - Economic History: Macroeconomics and Monetary Economics KW - Growth and Fluctuations: General, International, or Comparative KW - Metals and Metal Products KW - Cement KW - Glass KW - Ceramics KW - Currency KW - Foreign exchange KW - Investment & securities KW - Exchange rates KW - Real effective exchange rates KW - Real exchange rates KW - Nominal effective exchange rate KW - Gold KW - Commodities KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84538573 AB - The role of exchange rate flexibility in the periphery of the gold standard has been grossly overlooked. This paper builds a new dataset on trade-weighed exchange rates for the period 1870-1913 and finds that large currency movements in periphery countries operating inconvertible paper-money and silver-standard regimes induced major fluctuations in effective exchange rates worldwide. We relate the phenomenon to the international trade structure at the time and show that such currency fluctuations had powerful effects on trade flows. We conclude that nominal exchange rate flexibility in the periphery was an important ingredient of international payments adjustment under the gold standard. ER -