The stability of the interwar gold exchange standard: Did politics matter?

  • Wandschneider K
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Economic historians have devoted enormous attention to the collapse of the
interwar gold standard. This article proposes a discrete time duration model (using
a panel data set of 24 countries for 1928–1936) to analyze how economic
and political indicators affected a country's term on the gold standard. High per
capita income, international creditor status, and prior hyperinflation increased
the probability of continuation. In contrast, democratic regimes left early. Unemployment,
sterling group membership, higher inflation, and the experience of
banking crises reduced the time a country remained on the gold standard. This
study also predicts sample countries' survival probabilities.

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  • Kirsten Wandschneider

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