Proposal preview

Monetary standards in the long-run: financial issues and trade opportunities

The literature on international monetary standards emphasises the link between the adherence of countries to a given regime and the combined impact on trade and financial integration. So, for instance, the international gold standard (1870-1913) is supposed to have fostered both trade and financial integration, contributing to the wave of globalisation and growth taking place before the WWI.
By melting these two aspects into one, however, this well-established approach to the functioning of international monetary regimes hides some relevant questions and some still-unsolved puzzles. For instance, did countries join these standards (or did not abandon them) in the attempt to foster (protect) their position in the international trade, or to attract financial flows (or to stabilise them), or both? In doing so, which were the options (gold; bimetallism; silver) available under different regimes and why did countries choose one solution? Did peripheral and core countries behave differently, and why?
The aim of this section is to shed light on some of these issues by analysing various aspects of the functioning of monetary regimes in the long-run. The session looks at the long period starting with the phase between the late 17th century and the Napoleonic wars with the issue of the causes behind bullion flows, moving onto international financial integration in the early-mid 19th century under different monetary regimes, followed by an analysis of what standards were available under the “classic gold standard” and why different countries opted for different solutions, to finish with the issue of devaluation and international debts in the 1930.


  • Paolo PDM Di Martino, University of Birmingham,, UK

Session members

  • Christopher Meissner, University of California Davis,
  • Elena Martinez, University of Alcala',
  • Rita Martins de Sousa, Universidade de Lisboa,
  • Pilar Nogues-Marco , Universite’ de Genève, Pilar Nogues-Marco ‎[]‎
  • Stefano Ugolini, University of Toulouse,
  • Vincent Bignon, Banque de France,
  • Paolo Di Martino, University of Birmingham,

Proposed discussant(s)

  • Andrea Papadia, LSE,
  • Matthias Morys, University of York,
  • Forrest Capie, Cass Business School,‎