Recent Developments in Bimetallic Theory

Bibliographic Data

ID20041277
AuthorsStefan Erik Oppers (corresponding author)
Year1995
Pages47-70
Publication date1995-01-01
Peer ReviewedYes
Open AccessNo
TypeCHAPTER
VenueInternational Monetary Systems in Historical Perspective (SOURCE_BOOK)
PublisherPalgrave Macmillan UK (PUBLISHER)
DOI10.1007/978-1-349-24220-7_3
OpenAlexW2495676409
ISBN9781349242207
LanguageEN
Citations received1
References cited11

After almost a century of neglect, the past few years have seen a revival of interest in bimetallism as a subject of study. Paradoxically, until a few years ago the monetary system that dominated the post-Medieval world had received little attention in the modern professional economic literature. Bimetallism had mostly been seen as an unstable precursor of the gold standard, subjecting economies to unnecessary — and possibly costly — periodic recoinages. The system’s interesting dynamics were usually summarised by a reference to Gresham’s Law, or ‘good money drives out bad money.’ Recently, a more sophisticated understanding of the system has emerged and its merits have been reappraised

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