a column by K. Kıvanç Karaman, Sevket Pamuk and Seçil Yıldırım-Karaman for VOX: CEPR’s Policy Portal
There is a notable lack of long-run analyses of monetary systems and their stability. This column addresses this gap by looking at the monetary systems of major European states between 1300 and 1914. The evidence collected suggests that, despite many switches between standards and systems, fiscal capacity and political regimes ultimately shaped patterns of monetary stability. Theories of monetary stability that rely on the mechanics of monetary systems perform poorly when such a long-run perspective is taken.
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Hazel’s comment
Even if you have little or no interest in money or monetary stability you will find some fascinating graphical illustrations of devaluation and inflation in this column. I spent far more time than I should have done actually reading.
If I did that for all my posts I would never get anything posted.
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