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Schlotmann, O., Siddiqui, S. Goldene Illusionen, gefährliche Folgen: Warum ein entpolitisierter, regelgebundener Goldstandard keine tragfähige Alternative zur derzeitigen Währungsordnung ist. Credit and Capital Markets – Kredit und Kapital, 50(3), 281-298. https://doi.org/10.3790/ccm.50.3.281
Schlotmann, Olaf and Siddiqui, Sikandar "Goldene Illusionen, gefährliche Folgen: Warum ein entpolitisierter, regelgebundener Goldstandard keine tragfähige Alternative zur derzeitigen Währungsordnung ist" Credit and Capital Markets – Kredit und Kapital 50.3, 2017, 281-298. https://doi.org/10.3790/ccm.50.3.281
Schlotmann, Olaf/Siddiqui, Sikandar (2017): Goldene Illusionen, gefährliche Folgen: Warum ein entpolitisierter, regelgebundener Goldstandard keine tragfähige Alternative zur derzeitigen Währungsordnung ist, in: Credit and Capital Markets – Kredit und Kapital, vol. 50, iss. 3, 281-298, [online] https://doi.org/10.3790/ccm.50.3.281

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Goldene Illusionen, gefährliche Folgen: Warum ein entpolitisierter, regelgebundener Goldstandard keine tragfähige Alternative zur derzeitigen Währungsordnung ist

Schlotmann, Olaf | Siddiqui, Sikandar

Credit and Capital Markets – Kredit und Kapital, Vol. 50 (2017), Iss. 3 : pp. 281–298

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Prof. Dr. Olaf Schlotmann, Brunswick European Law School; Ostfalia Hochschule für angewandte Wissenschaften, Salzdahlumer Stra???e 46 / 48, 38302 Wolfenbüttel

Dr. Sikandar Siddiqui, SCDM Germany GmbH, Sonnemannstra???e 9–11, 60314 Frankfurt am Main

Abstract

Golden Illusions, Dangerous Consequences: Why a Depoliticized, Rule-based Gold Standard is Not a Viable Alternative to Today's Currency Régime

Many observers of today's economic events have doubts that monetary policy, given its currently available set of instruments, can contribute significantly to a restoration of macroeconomic stability. Hence, some critics of the current status quo have recommended the return to a currency system inspired by the classical gold standard prevailing between 1844 and 1914. However, this paper indicates that a restoration of the gold standard is incapable of ensuring price level stability, promoting a sustainable external trade balance, or even preventing credit-driven boom and bust cycles. Moreover, a new gold standard would distort the price relationship prevailing between gold and other goods and bring about the threat of deflation. Hopes that linking money to gold could contain private credit growth and thus help stabilize the economy turn out to be questionable, too. The gold standard is history, and there is no reason to change anything about this.