金本位制再考 : 19世紀後半イギリスの金融構造と金融政策

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  • The Gold Standard Reexamined -Financial Structure and Monetary Policy of the United Kingdom in the second half of the 19^th Century-
  • キン ホンイセイ サイコウ 19セイキ コウハン イギリス ノ キンユウ コウゾウ ト キンユウ セイサク

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論文(Article)

This paper reexamines the working of the British gold standard in the second half of the 19th century, in order to evaluate the history of the monetary theory which is the foundation of the managed currency system.　In Chapter 1, we first examine the classical analysis of the working of the gold standard system. Next, in Chapter 2, we consider the framework of the financial structure made based on this theory.　Based on these results, in Chapter 3 we show that the 1844 Bank Charter Act, intended to attain the automatic stability of prices by control of the note issue, had made Bank of England take the counter-cyclical policy as a central bank. Finally in Chapter 4, we conclude that the Bank of England adjusted the money supply flexibly according to the trend of domestic business rather than carried out the monetary policy based on a fixed rule.

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