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1、NBERWORKINGPAPERSERIESTHEGOLD-EXCHANGESTANDARDANDTHEGREATDEPRESSIONBarryEichengreenWorkingPaperNo.2198NATIONALBUREAUOFECONOMICRESEARCH1050MassachusettsAvenueCambridge,MA02138March1987TheresearchreportedhereispartoftheNBER'sresearchprograminInternationalStudies.Anyopinionsex
2、pressedarethoseoftheauthorandnotthoseoftheNationalBureauofEconomicResearch.NBERWorkingPaper#2198March1987TheGold-ExchangeStandardandtheGreatDepressionABSTRACTAnumberofexplanationsfortheseverityoftheGreatDepressionfocusonthemalfunctioningoftheinternationalmonetarysystem.Ones
3、uchexplanationemphasizesthedeflationarymonetaryconsequencesoftheliquidationofforeign—exchangereservesfollowingcompetitivedevaluationsbyGreatBritainandhertradingpartners.AnotheremphasizesinsteadtheinternationalmonetarypoliciesoftheFederalReserveandtheBankofFrance.Thispaperan
4、alyzesboththeexceptionalbehavioroftheU.S.andFranceandtheshiftoutofforeignexchangeafter1930.UhilebothFranco-.Americangoldpoliciesandsystemicweaknessesoftheinternationalmonetarysystememergeasimportantfactorsinexplainingtheinternationaldistributionofreserves,thefirstofthesefac
5、torsturnsouttoplaythemoreimportantroleinthemonetarystringencyassociatedwiththeGreatDepression.BarryEichengreenDepartmentofEconomicsBarrowsHall530UniversityofCaliforniaBerkeley,CA94720TwobroadapproachesdominatetheliteratureonmacroeconomicsoftheGreatDepression.One,associatedm
6、ainlywithstudiesoftheUnitedStates,emphasizesmisguidedpolicyresponsesatthenationallevelasanexplanationfortheDepression'ssingulardepthandlongduration.Theother,withalongtraditionbutassociatedprominentlywiththeworkofCharlesKindleberger,emphasizesinsteadthemalfunctioningoftheint
7、ernationalsystem.Thestrengthofthefirstapproachisthetransparencyofthepropagationmechanism,usuallytakentobedeflationarymonetarytrends.Theweaknessofthesecondispreciselytheopposite,thatthepropagationmechanismtendstobeopaque.Itisnotclearwhatdimensionoftheinternationalsystemmalfu
8、nctionedafter1929,northroughwhatchannelsitsmalfunctioningcontributedtotheDepressio
