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|Other Titles: ||The 1914 Financial Crisis and the Gold Coin Circulation under the Gold Standard|
|Authors: ||金井, 雄一|
|Issue Date: ||30-Sep-2002|
|Citation: ||経済科学. v.50, n.2, 2002, p.1-20|
|Abstract: ||There are many differences between the gold standard described in textbooks of economics and the real one. Moreover, the incorrect view of the gold standard has influenced our understanding of the post-gold monetary system. We should reexamine the gold standard on the basis of facts if we want to understand the present system exactly. This paper focuses, at the beginning of my attempt to destroy the myth of the gold standard, on the 1914 financial crisis and the wartime (1914-18) in UK, and finds a fact that is inconsistent with the traditional knowledge of the gold standard. During the wartime, actually, the gold coin in circulation was replaced by the Currency Note, which was paper money issued by the Treasury as emergency currency at the 1914 crisis. In short, with the rapid expansion of Currency Note, the gold coin disappeared from circulation although UK retained the gold standard. By confirming the above fact, this paper tries to suggest that the gold coin circulation under the gold standard virtually functioned, not as the standard money to stabilize the value of currency, but as only small money to be used in daily consumption.|
|Appears in Collections:||経済科学 (The Economic Science)|
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