Johannes Wiegand on Bimetallism and Monetary Stability
IMF Podcasts
Why Germany Wanted to Move From Silver to Gold?
Bi-metallism worked quite well in the early 19th century. But from around 1850 there were massive gold discoveries in California and Australia. The amount of gold that was coming into currency markets was increasing massively. Germany thought it would be on silver together with all the other emerging economies, while all the other advanced economies would be using gold. And for Germany, which was on a silver currency, that was very risky. They didn't want to have floating exchange rates with the UK or with France or with the US.
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