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Democratic constraints and adherence to the classical gold standard
Explorations in Economic History ( IF 1.857 ) Pub Date : 2021-12-15 , DOI: 10.1016/j.eeh.2021.101436
Bert S. Kramer 1 , Petros Milionis 2
Affiliation  

We study how political institutions affected the decision of countries to adhere to the classical gold standard. Using a variety of econometric techniques and controlling for a wide range of relevant economic and political factors, we find that the probability of adherence to the gold standard before World War I was ceteris paribus lower for countries which were more democratic. This effect can be linked to how open the political process was to different segments of the population and the extent of political competition resulting from that. The effect was particularly relevant for peripheral countries and it influenced both the decision of countries to adopt the gold standard as well as the decision to suspend it.



中文翻译:

民主约束和对古典金本位的坚持

我们研究政治制度如何影响各国遵守古典金本位制的决定。使用各种计量经济学技术并控制广泛的相关经济和政治因素,我们发现在其他条件不变的情况下,更民主的国家遵守第一次世界大战前金本位的可能性较低。这种影响可能与政治进程对不同人群的开放程度以及由此产生的政治竞争程度有关。这种影响对周边国家尤为重要,它影响了各国采用金本位制的决定以及暂停金本位制的决定。

更新日期:2021-12-15
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