caa a22 4500 386329389 CHVBK 20180307111706.0 cr unu---uuuuu 161130e198903 xx s 000 0 eng 10.1017/S0022050700007324 doi S0022050700007324 pii (NATIONALLICENCE)cambridge-10.1017/S0022050700007324 Officer Lawrence H. Professor of Economics, University of Illinois at Chicago, Box 4348, Chicago, IL 60680 The Remarkable Efficiency of the Dollar-Sterling Gold Standard, 1890-1906 [Elektronische Daten] [Lawrence H. Officer] The article develops a model of gold-standard efficiency in the context of the theory of efficient asset markets. Efficiency is measured by the ratio of experienced disutility to the hypothetical loss under perfect gold arbitrage and neutral exchange-rate speculation. Dollar-sterling gold-point estimates for 1890 to 1906 are generated using the methodology of focusing on the dominant arbitrageurs, the prevailing exchange instrument, and the primary form of gold shipped. Gold- standard efficiency is remarkably high and only marginally below exchange- market efficiency from 1950 to 1966 under Bretton Woods. Copyright © The Economic History Association 1989 The Journal of Economic History Cambridge University Press 49/1(1989-03), 1-41 0022-0507 49:1<1 1989 49 JEH https://doi.org/10.1017/S0022050700007324 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1017/S0022050700007324 text/html Onlinezugriff via DOI NATIONALLICENCE 100 1- Officer Lawrence H. Professor of Economics, University of Illinois at Chicago, Box 4348, Chicago, IL 60680 NATIONALLICENCE 773 0- The Journal of Economic History Cambridge University Press 49/1(1989-03), 1-41 0022-0507 49:1<1 1989 49 JEH CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge