000			02717cam a22004337a 4500
001			w30457
003			NBER
005			20221003151016.0
006			m o d
007			cr cnu||||||||
008			221003s2022 mau fo 000 0 eng d
040			_aMaCbNBER _beng _cMaCbNBER
100	1		_aFernández-Villaverde, Jesús.
245	1	2	_aA Model of the Gold Standard / _cJesús Fernández-Villaverde, Daniel Sanches.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2022.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w30457
500			_aSeptember 2022.
520	3		_aThe gold standard emerged as the international monetary system by the end of the 19th century. We formally study its properties in a micro-founded model and find that the scarcity of the world gold stock not only results in a suboptimal output of goods that are purchased with money but also subjects the domestic economy of a country to external shocks. The creation of inside money in the form of private credit instruments adds to the money supply, usually resulting in a Pareto improvement, but opens the door to the international transmission of banking crises. These properties of the gold standard can explain the limited adherence by peripheral countries because of the potential risks to their economies. We argue that the gold standard can be sustainable at the core but not at the periphery.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aMonetary Systems • Standards • Regimes • Government and the Monetary System • Payment Systems _2jelc
650		7	_aMonetary Systems • Standards • Regimes • Government and the Monetary System • Payment Systems _2jelc
084			_aE42 _2jelc
690		7	_aCentral Banks and Their Policies _2jelc
650		7	_aCentral Banks and Their Policies _2jelc
084			_aE58 _2jelc
690		7	_aBanks • Depository Institutions • Micro Finance Institutions • Mortgages _2jelc
650		7	_aBanks • Depository Institutions • Micro Finance Institutions • Mortgages _2jelc
084			_aG21 _2jelc
700	1		_aSanches, Daniel.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w30457.
856	4	0	_uhttps://www.nber.org/papers/w30457
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w30457
942			_2ddc _cW-PAPER
999			_c390170 _d348732