The use of the gold standard would mark the first use of formalized exchange rates in history. However, the system was flawed because countries needed to hold large gold reserves in order to keep up with the volatile nature of supply and demand for currency. After World War II, a modified version of the gold standard monetary system, the Bretton Woods monetary system created as its successor. This successor system was initially successful, but because it also depended heavily on gold reserves, it was abandoned in 1971 when U.S President Nixon "closed the gold window".
Investment dictionary. Academic. 2012.
Look at other dictionaries:
gold standard — gold .standard n the gold standard technical the use of the value of gold as a fixed standard on which to base the value of money … Dictionary of contemporary English
gold standard — ☆ gold standard n. a monetary standard solely in terms of gold, in which the basic currency unit is made equal to and redeemable by a specified quantity of gold … English World dictionary
gold standard — ► NOUN historical ▪ the system by which the value of a currency was defined in terms of gold … English terms dictionary
Gold standard — For other uses, see Gold standard (disambiguation). Under a gold standard, paper notes are convertible into pre set, fixed quantities of gold. The gold standard is a monetary system in which the standard economic unit of account is a fixed mass… … Wikipedia
gold standard — a monetary system with gold of specified weight and fineness as the unit of value. [1825 35, Amer.] * * * Monetary system in which the standard unit of currency is a fixed quantity of gold or is freely convertible into gold at a fixed price. The… … Universalium
Gold Standard — A standard defining a national currency in terms of a fixed weight of gold, and allowing a free exchange and trade of gold. Until the nineteenth century, most of the countries maintained a bimetallic monetary system, in which national monetary … Encyclopedia of the Age of Imperialism, 1800–1914
Gold standard — An international monetary system in which currencies are defined in terms of their gold content and payment imbalances between countries are settled in gold. It was in effect from about 1870 1914. The New York Times Financial Glossary * * * gold… … Financial and business terms
gold standard — An international monetary system in which currencies are defined in terms of their gold content, and payment imbalances between countries are settled in gold. It was in effect from about 1870 to 1914. Bloomberg Financial Dictionary * * * gold… … Financial and business terms
Gold Standard — Cette page d’homonymie répertorie les différents sujets et articles partageant un même nom. Gold Standard peut faire référence à: Gold Standard, un test en médecine ou en statistiques Gold standard, Étalon or Catégorie : Homonymie … Wikipédia en Français
gold standard — n. 1) to adopt the gold standard 2) to go off the gold standard * * * to adopt the gold standard to go off the … Combinatory dictionary