The Gold Standard and the Origins of the Modern International Monetary System

This article explores the ways in which the classical gold standard established the foundation for a modern international monetary system with its distinctive forms of regulation and crises. The specific nature of this system is often occluded by the tendency to compare the gold standard in relation to subsequent monetary systems, such as Bretton Woods. To remedy this historical bias, I compare the classical gold standard with previous monetary systems and conclude that it contributed to expand the array of monetary instruments to conduct monetary policy. By progressively subjecting the management of fiduciary money, most importantly the issue of banknotes, the institutions of the gold standard created a new monetary framework which opened the way for central banking. (suite dans le document joint)