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In economics, bimetallism is a monetary standard in which the value of the monetary unit is defined as equivalent both〔Oxford English Dictionary, (bimetallism ), "The system of allowing the unrestricted currency of two metals (e.g. gold and silver) at a fixed ratio to each other, as coined money."〕 to a certain quantity of gold and to a certain quantity of silver; such a system establishes a fixed rate of exchange between the two metals. The defining characteristics of bimetallism are〔Velde and Webber, A Model of Bimetallism, Federal Reserve Bank of Minneapolis Research Department〕 * Both gold and silver money are legal tender in unlimited amounts. * The government will convert both gold and silver into legal tender coins at a fixed rate for individuals in unlimited quantities. This is called free coinage because the quantity is unlimited, even if a fee is charged. The combination of these conditions distinguishes bimetallism from a ''limping standard'', where both gold and silver are legal tender but only one is freely coined (example: France, Germany, or the United States after 1873), or ''trade money'' where both metals are freely coined but only one is legal tender and the other is trade money (example: most of the coinage of western Europe from the 13th to 18th centuries.) Economists also distinguish legal bimetallism, where the law guarantees these conditions, and de facto bimetallism where both gold and silver coins actually circulate at a fixed rate. Bimetallism was intended to increase the supply of money, stabilize prices, and facilitate setting exchange rates.〔Encyclopedia Britannica, Bimetallism〕 Some authors, such as Angela Redish〔Redish, Angela, 1995, “The persistence of bimetallism in nineteenth century France”. Economic History Review, 717–736〕 or Charles Kindleberger〔Kindleberger, Charles, 1984, A financial history of Western Europe, London: Allen and Unwin.〕 have argued that bimetallism was, by construction, unstable. Changes in gold-silver exchange were, in their eyes, leading to massive changes in the money supply. Bimetallism was thus inherently flawed and the advent of the gold standard was inevitable. This view has been challenged by Friedman〔Friedman, Milton, 1990, “Bimetallism Revisited”, Journal of Economic Perspectives, American Economic Association, 4(4), 85–104.〕 and Flandreau〔Flandreau, Marc, 1996, “The French Crime of 1873: An Essay on the Emergence of the International Gold Standard, 1870–1880”, The Journal of Economic History, 56(4), 862–897.〕 who wrote that the option to pay in gold or in silver had in fact a stabilizing effect. ==Argentina== In 1881, a currency reform in Argentina introduced a bimetallic standard, which went into effect in July 1883. Units of gold and silver pesos would exchange with paper peso notes at given par values, and fixed exchange rates against key international currencies would thus be established.〔 Unlike many metallic standards the system was very decentralized: no national monetary authority existed and all control over convertibility rested with the five banks of issue.〔 The period of convertibility lasted only 17 months: from December 1884 the banks of issue refused to exchange gold at par for notes.〔 The suspension of convertibility was soon accommodated by the Argentine government, since, having no institutional power over the monetary system, there was little they could do to prevent it.〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「In economics, bimetallism is a monetary standard in which the value of the monetary unit is defined as equivalent bothOxford English Dictionary, (bimetallism ), "The system of allowing the unrestricted currency of two metals (e.g. gold and silver) at a fixed ratio to each other, as coined money." to a certain quantity of gold and to a certain quantity of silver; such a system establishes a fixed rate of exchange between the two metals. The defining characteristics of bimetallism areVelde and Webber, A Model of Bimetallism, Federal Reserve Bank of Minneapolis Research Department* Both gold and silver money are legal tender in unlimited amounts.* The government will convert both gold and silver into legal tender coins at a fixed rate for individuals in unlimited quantities. This is called free coinage because the quantity is unlimited, even if a fee is charged.The combination of these conditions distinguishes bimetallism from a ''limping standard'', where both gold and silver are legal tender but only one is freely coined (example: France, Germany, or the United States after 1873), or ''trade money'' where both metals are freely coined but only one is legal tender and the other is trade money (example: most of the coinage of western Europe from the 13th to 18th centuries.) Economists also distinguish legal bimetallism, where the law guarantees these conditions, and de facto bimetallism where both gold and silver coins actually circulate at a fixed rate.Bimetallism was intended to increase the supply of money, stabilize prices, and facilitate setting exchange rates.Encyclopedia Britannica, Bimetallism Some authors, such as Angela RedishRedish, Angela, 1995, “The persistence of bimetallism in nineteenth century France”. Economic History Review, 717–736 or Charles KindlebergerKindleberger, Charles, 1984, A financial history of Western Europe, London: Allen and Unwin. have argued that bimetallism was, by construction, unstable. Changes in gold-silver exchange were, in their eyes, leading to massive changes in the money supply. Bimetallism was thus inherently flawed and the advent of the gold standard was inevitable. This view has been challenged by FriedmanFriedman, Milton, 1990, “Bimetallism Revisited”, Journal of Economic Perspectives, American Economic Association, 4(4), 85–104. and FlandreauFlandreau, Marc, 1996, “The French Crime of 1873: An Essay on the Emergence of the International Gold Standard, 1870–1880”, The Journal of Economic History, 56(4), 862–897. who wrote that the option to pay in gold or in silver had in fact a stabilizing effect.==Argentina==In 1881, a currency reform in Argentina introduced a bimetallic standard, which went into effect in July 1883. Units of gold and silver pesos would exchange with paper peso notes at given par values, and fixed exchange rates against key international currencies would thus be established. Unlike many metallic standards the system was very decentralized: no national monetary authority existed and all control over convertibility rested with the five banks of issue. The period of convertibility lasted only 17 months: from December 1884 the banks of issue refused to exchange gold at par for notes. The suspension of convertibility was soon accommodated by the Argentine government, since, having no institutional power over the monetary system, there was little they could do to prevent it.」の詳細全文を読む スポンサード リンク
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