The Supply of Gold under the Pre-1914 Gold Standard
Author(s)
Eichengreen, Barry; McLean, Ian W.
Abstract
This article relates the discussion of the discovery and production of gold that appears in the literature on international monetary economics to that found in writings on economic development in the regions of recent settlement. An examination of both national and regional evidence, with emphasis on United States experience in the late nineteenth century, suggests that the influence of real gold prices on production is not dominant and that other economic conditions (such as prior levels of settlement) cannot be ignored.
