The Glitter of Gold – France, Bimetallism, and the Emergence of the International Gold Standard, 1848-1873

 
From the press:
Relying on new statistical and archival material, this book tells the story of the operation of the international monetary system of the mid-nineteenth century. It seeks to explain how this system was able to weather the impact of the California and Australia gold discoveries. It shows how France contributed to global financial stability by standing ready to exchange silver from gold at a fixed rate – a consequence of its bimetallic system. This book also shows how France's decision to change its domestic monetary rules caused the emergence of the gold standard in 1873, and thus offers a new interpretation of the global monetary history of the nineteenth century.
 
Contents
Introduction: King Bullion: The International Monetary Regime, 1848-73
Part I: The Logic of Arbitrage
1 Bimetalism in Theory
2 Gold-Silver Points: Domestic Arbitrages and the Bimetallic System
3 Bimetallic Exchange Rates: An Exploration
4 Coin Memories: New Estimates of France's Specie Stock (1840 to 1878)
Part II: Policy and Profit: The Microeconomics of Bimetallism
5 The Rules of the Bimetallic Game
6 Scale and Scope: Coinage, Arbitrage and Bimetallism
Part II: Macroeconomics: Bimetallism's Success and Failure
7 How did International Bimetallism Work? A Monetary Theory
Conclusion: The Glitter and the Shine
Appendixes
 
Marc Flandreau is Professor of Economics, Institut d'Etudes Politiques, Paris