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Johannes Wiegand on Bimetallism and Monetary Stability
IMF Podcasts
Is the Gold Standard Any Better for Monetary Stability?
The gold standard became almost synonymous with monetary stability in the late 19s, early 20s century. But what is honest forgotten today is that it was a rocky road to get there. A bi-metallic system is better because you have shocks to the supply of these metals which affect your money supply. If you have only one metal, any shock will go one to one into your money supply and they can partly offset each other. In practice, the early years of the gold standard were very difficult as so many countries switched to gold at the same time.
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