Cliometric determinants of gold standard adoption: the Brazillian case

• Autor(a) principal: Shikida, Cláudio D.
• Data de Publicação: 2014
• Outros Autores: Lemos, Clarice Sollero, Araujo Jr, Ari Francisco
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Informe Gepec (Online)
• Texto Completo: https://e-revista.unioeste.br/index.php/gepec/article/view/6812
• topic: Cliometria; Padrão Ouro; Brasil

This note investigates the econometrics of the determinants of the adoption, by the Brazilian government, of the Gold Standard. The literature emphasizes the importance of the commodities prices, inflation, the credibility due to the standard, the economic crisis (external shocks) and internal recessions as determinants in the decision of a government to stay (or to adopt) or not in the Gold Standard. The estimated coefficients show the right signs, and the proxies of credibility and inflation seems to be more important in terms of the magnitude of their coefficients. However, we found that the proxy of crisis has the wrong sign. We also discuss the marginal effect of each variable through the years of the sample.