GOLD-POINT ARBITRAGE AND UNCOVERED INTEREST ARBITRAGE UNDER THE 1925 1931 DOLLAR STERLING GOLD STANDARD

被引：9

作者：

OFFICER, LH

机构：

来源：

EXPLORATIONS IN ECONOMIC HISTORY | 1993年 / 30卷 / 01期

关键词：

D O I：

10.1006/exeh.1993.1005

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Efficient gold-point arbitrage confines the exchange rate to the gold-point spread, but efficient uncovered interest arbitrage stabilizes the exchange rate even more, locating it within a narrower "speculation band." Under the 1925-1931 dollar-sterling gold standard, gold-point arbitrage was uniformly efficient, but uncovered interest arbitrage exhibited periodic episodes of apparent inefficiency, susceptible to various explanations. Gold-point arbitrage and uncovered interest arbitrage reinforce each other′s efficiency, thereby enhancing exchange-rate stability. In fact, the dollar-sterling exchange rate during the interwar gold standard was considerably more stable than that in the classical period. © 1993 Academic Press. All rights reserved.

引用

页码：98 / 127

页数：30

共 51 条

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