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Authors
Advisor(s)
Abstract(s)
This article analyses the transition from bimetallism to the gold standard in Portugal. The research has emphasised that the high percentage of gold coins in circulation and the network externalities were the main reasons for the de jure adoption of the gold standard in 1854. However, it has not provided a justification for either the appreciation of gold in the Portuguese market in 1847 which was contrary to the international trend or the reasons behind the decision to continue to circulate British gold sovereigns in 1851 when all other foreign coins were withdrawn. We argue that the political pressure applied by groups with ownership of British gold coins explains the transition from bimetallism to the gold standard
Description
Keywords
Monetary History Gold Standard 19th Century Portugal
Pedagogical Context
Citation
Sousa, Rita Martins de .( 2019). “Portugal adoption of the gold standard: political reasons for a monetary choice (1846-1854). Instituto Superior de Economia e Gestão – GHES Documento de Trabalho/ Working Paper nº 64-2019
Publisher
ISEG - GHES