Gold standard
From The Art and Popular Culture Encyclopedia
|
Related e |
|
Featured: |
The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. There are distinct kinds of gold standard. First, the gold specie standard is a system in which the monetary unit is associated with circulating gold coins, or with the unit of value defined in terms of one particular circulating gold coin in conjunction with subsidiary coinage made from a lesser valuable metal.
Similarly, the gold exchange standard typically involves the circulation of only coins made of silver or other metals, but where the authorities guarantee a fixed exchange rate with another country that is on the gold standard. This creates a de facto gold standard, in that the value of the silver coins has a fixed external value in terms of gold that is independent of the inherent silver value. Finally, the gold bullion standard is a system in which gold coins do not circulate, but in which the authorities have agreed to sell gold bullion on demand at a fixed price in exchange for the circulating currency.
See also
- A Program for Monetary Reform (1939) - The Gold Standard
- Bimetallism
- Coinage Act of 1792
- Coinage Act of 1873
- Federal Reserve System
- Full-reserve banking
- Gold as an investment
- Gold bug
- Gold Points
- Gold Reserve Act
- Representative money
- Silver standard
- Store of value
- The Great Deflation
- Nixon shock
International institutions:
- Bank for International Settlements
- International Monetary Fund
- United Nations Monetary and Financial Conference
- World Bank
