Table of Contents

List of tables and figures; Preface; 1. Introduction; 2. The standard neoclassical specie-flow mechanism; 3. A new view of gold standard adjustment; 4. An empirical overview; 5. Statistical tests of goods and asset market adjustments; 6. Evidence on the process of balance-of-payments adjustment; 7. Some further evidence on structure and timing; 8. 'Canada's balance': Viner and his critics; 9. The theoretical implications of capital mobility; 10. 'Canada's balance of indebtedness': reinterpretating the historical evidence; 11. Conclusions. How the gold standard worked; Appendices; References; Index.

Promotional Information

This interpretation of the Canadian experience extends the monetary approach to balance-of-payments adjustment that realizes the full implications of international capital mobility.

Reviews

"Dick and Floyd, two respected economists, have written an interesting and challenging interpretation of how the Canadian economy functioned under the gold standard during a period of massive capital flows as much as they reflect risk differences between imperfect security substitutes in the world's money markets...A must acquisition for any collection on international capital theory, international economics, or general economic theory." Choice "...consitiutes an important and provocative analysis of the Canadian adjustment process under the gold standard." Georg Rich, Journal of Economic History