Padrão-ouro e estabilidade

Abstract

This article examines the influence of gold standard on monetary stability. This system was in effect in two historic moments: before I World War and between the two world wars, but with distinct economic results. The success in the first period did not repeat itself in the second one. The reasons for the difference are discussed, based on the literature concerning this subject. The international gold standard did not function ideally. Although the standard provided a basis for nominal stability over the long run, it created a conflict between domestic and international policy objectives.