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Cause and effect in the gold points mecanism : a criticism of Ricardo's criticism of Thornton

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Date
2007
Dewey
Théorie économique
Sujet
Bullionist controversy; Gold points; Thornton; Ricardo; Horner; Bank risk
JEL code
B12
Journal issue
European Journal of the History of Economic Thought
Volume
14
Number
1
Publication date
03-2007
Article pages
25-53
Publisher
Routledge Taylor and Francis Group
DOI
http://dx.doi.org/10.1080/09672560601168363
URI
https://basepub.dauphine.fr/handle/123456789/1786
Collections
  • LEDa : Publications
Metadata
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Author
de Boyer des Roches, Jérôme
Type
Article accepté pour publication ou publié
Abstract (EN)
Noting that it is Thornton, not Ricardo, who is the originator of the classical analysis of the gold points mechanism, this paper shows that Ricardo rejected this mechanism. This is done by considering his criticism of the causal link between deficits, the exchange rate and the price of gold. The paper first emphasizes Thornton's analysis of the links between gold points, bank risk and the high price of bullion. It is then shown how far Ricardo is led astray in his criticism of Thornton and his explanation of the high price of bullion and of the exchange market.

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