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Examples
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Its post-World War I successor, the gold-exchange standard, provided none of the semi-automatic balancing functions of the true-blue, prewar original.
Heavy Duty James Grant 2011
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One of the causes of the Depression was the gold-exchange standard, in which countries used foreign currencies, such as dollars, as reserves in addition to gold.
The New Deal and the Great Depression, Arnold Kling | EconLog | Library of Economics and Liberty 2009
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However, the Bretton Woods system was not a classical gold standard but rather a truncated gold-exchange system that allowed foreign central banks to exercise the gold-convertibility privilege—but not ordinary citizens.
Lagarde's Golden Opportunity Judy Shelton 2011
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That gold standard -- the gold-exchange standard -- remains in force, in its essential attributes, today.
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The disservice that Mr. Ahamed does to history is to fail to distinguish between the flaws of the classical gold standard, on the one hand, and the far deeper imperfections of the gold-exchange standard (so similar to the evils of today's dollar standard), on the other.
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"The Fed," he writes of the interventionist style of monetary management that the gold-exchange standard encouraged in the 1920s, "had undertaken a totally new responsibility -- that of promoting internal economic stability."
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Ultimately, the plan was developed into the Bretton Woods agreement of 1944 -- which established the IMF to operate a gold-exchange standard.
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She obtained the gold-exchange money for herself by using names and addresses of friends and relatives on the packages without their knowledge.
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She obtained the gold-exchange money for herself by using names and addresses of friends and relatives on the packages without their knowledge.
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After the war, however, rather than accept the consequences in the form of a depreciated pound, Britain insisted on instituting a gold-exchange standard with other industrialized countries, with the pound valued at pre-war par.
Latest Articles 2009
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