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Business and Economics > Investments: Stocks

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Cover IMF Working Papers
Pictures of a Revolution: Analyzing the Transition from Global Bimetallism to the Gold Standard in the 1860s and 1870s
Mr. Johannes Wiegand
In the early 1870s, the global monetary system transitioned from bimetallism—a regime in which gold and silver currencies were tied at quasi-fixed exhange ratios—to the gold standard that was characterized by the use of (only) gold as the main currency metal by the largest and most advanced economies. The transition ocurred against the backdrop of both large supply shifts in global bullion markets in the 1850s and 60s and momentous political events, such as the Franco-Prussian war of 1870/71 and the subsequent foundation of the German empire. The causes for the transition have long been a matter of intense debate. This article discusses three separate but interrelated issues: (i) assessing the robustness of the pre-1870 bimetallic system to shocks—which includes a discussion of the appropriate use of Flandreau’s (1996) reference model; (ii) analyzing the transition from bimetallism to gold as a multi-stage currency game played by France and Germany; and (iii) evaluating the monetary debates at the German Handelstag conferences in the 1860s, to present a more complete narrative of the German discussion in the run-up to the transition.
Keywords:
Bimetallism; Gold Standard; France; Germany; Gold share; Bimetallism's robustness; estimating specie demand; structural limit; share of silver coin; Gold; Silver; Currencies; Currency reform; Stocks; Global
Cover Policy Papers
Quota and Voice Reform - Stocktaking and Further Considerations, Statistical Appendices I and II, Statement by the Managing Director, and Summing Up of the Board Meeting
International Monetary Fund
At its Spring Meeting, the IMFC reiterated the importance of implementing the program of quota and voice reforms in line with the timetable set out by the Board of Governors in Singapore. The Committee welcomed the initial informal Board discussions on a new quota formula and stressed the importance of agreeing on a new formula, which should be simple and transparent and should capture members’ relative positions in the world economy. It noted that this reform would result in higher shares for dynamic economies, many of which are emerging market economies, whose weight and role in the global economy have increased. The Committee also stressed the importance of enhancing the voice and participation of low-income countries, a key issue for which is an increase in basic votes, at a minimum preserving the voting share of low-income countries. The Committee called on the Executive Board to continue its work on the reform package as a matter of priority.
Keywords:
PP; IMF document; PPP GDP; document; GDP; GDP blend; quota share; voice reform process; Purchasing power parity; Market exchange rates; International banking; Exchange rates; Gold; Global; Africa; Middle East; Western Hemisphere; Asia and Pacific
Cover Primary Commodities
Primary Commodities
Market Developments and Outlook
International Monetary Fund

Abstract

This study prepared by the Commodities Division of the Research Department reviews and analyzes the developments in commodity markets.

Keywords:
WEFS; price; index; commodity; food; food commodity; commodity coverage; INRA buffer stock manager; world cotton production; world consumption; Agricultural commodities; Consumption; Commodity prices; Stocks; Global; West Africa; Central America; North America; Western Europe; Asia and Pacific
Cover Primary Commodities
Primary Commodities
Market Developments & Outlook
International Monetary Fund

Abstract

This paper provides an analysis of recent developments relating to the major nonfuel primary commodities (hereafter referred to as commodities) entering international trade. The unit value of manufactured exports in dollar terms also increased every year from 1972 to 1980; the rate of increase was 1 2 percent per annum. The persistent upward trend in dollar prices of commodities that characterized much of the 1970s ended in 1980. In addition to the movements in exchange rates outlined above, which determine the differences in price movements when measured in different currencies, the factors shown in various studies to have the greatest impact on current commodity prices are the rates of world inflation, the level of economic activity in the major markets for primary commodities, and the supply of the commodities concerned. Econometric studies have shown a positive relationship between commodity prices and inflation. In one study, changes in domestic wholesale prices of the industrial countries were found to have a significantly positive relationship to commodity prices with an elasticity of about one.

Keywords:
WEFS; commodity price; c.i.f. Rotterdam; commodity group; commodity price series; c.i.f. New York; commodities division; c.i.f. U.S.; Agricultural commodities; Exports; Oil; Commodity prices; Europe; Australia and New Zealand; West Africa; Middle East; Western Hemisphere; Africa; price decline; price range; food commodity; oil price increase; price development; Consumption; North America