UNSPECIFIED. (1994) SPECULATIVE ANTICIPATIONS OF STERLING RETURN TO GOLD - WAS KEYNES WRONG. ECONOMIC JOURNAL, 104 (425). pp. 804-812. ISSN 0013-0133

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Abstract

The view held by Keynes, that there was a 'speculative appreciation' of sterling prior to its return to the gold standard, has been challenged by Smith and Smith, who argue that expectations of return must have weakened the currency. We demonstrate, first that the positive but decreasing trend displayed in the exchange rate data is consistent with a pattern of autoregressive convergence in fundamentals; and second that this continues to be true when there is a positive 'speculative' element based on expectations of an early return. Hence the key features of the data seem compatible with Keynes's views.

Item Type:	Journal Article
Subjects:	H Social Sciences > HC Economic History and Conditions
Journal or Publication Title:	ECONOMIC JOURNAL
Publisher:	BLACKWELL PUBL LTD
ISSN:	0013-0133
Official Date:	July 1994
Dates:	Date Event July 1994 UNSPECIFIED
Volume:	104
Number:	425
Number of Pages:	9
Page Range:	pp. 804-812
Publication Status:	Published
URI:	http://wrap.warwick.ac.uk/id/eprint/20507

Data sourced from Thomson Reuters' Web of Knowledge

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