Front Matter Page
Research Department
Contents
I. Introduction
II. Gold and the Bretton Woods System
The Gold Puzzle
Potential Motives for Gold Holding
III. Gold and Currency Under Bretton Woods
The Determinants of Reserves Holdings
Control Variables
Data Sources and Sample
Money rather than Trade
IV. Memory and Gold
Past Exposure to the Gold Standard
Personal Experience vs. Institutional Memory
V. Extensions and Robustness
Alternative Dependent Variables
Reverse Causality and Sterilization
VI. Implications: New Perspectives on the Bretton Woods system
VII. Conclusion
Data appendix
References
Tables
1: Gold and Currency in Circulation
2: Memory
3: Personal Experience and Institutional Memory
4: Determinants of Non-Gold Reserves and Share of Gold in Total Reserves
Figures
Figure 1: Gold and International Reserves, 1950-1971 (billions of US$)
Figure 2; Catching-up. The Evolution of cover ratios over time (1950-1970)
Figure 3: Number of Years in the Gold Standard vs. Average Age of Central Banks’ Governors.
Figure 4: Currency-Gold Correlation (1950-1973)