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Officer begins this book with a historical perspective of the monetary standards of the United States and Britain. He then develops data on exchange rates, mint parity and gold points, with which he investigates three important features of Anglo-American monetary history. First, the integration of the American foreign-exchange market over time. Second, it is proved that gold-point arbitrage is markedly more efficient than either interest arbitrage or forward speculation. Third, regime efficiency is explored from standpoints of both private agents and policy-makers; the 1925-1931 gold standard, though less durable than the pre-war standard, is nevertheless shown to be surprisingly stable. The book will serve as a Dollar-Sterling handbook for those interested in this important aspect of international monetary history.

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Book Details

ISBN: 9780521038218
ISBN-10: 0521038219
Format: Paperback
(228mm x 152mm x 21mm)
Pages: 368
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 2-Jul-2007
Country of Publication: United Kingdom


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