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gold standard |
Also found in: Encyclopedia, Wikipedia, Hutchinson | 0.07 sec. |
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Gold Standard A monetary system in which a country's currency unit is freely convertible into fixed amounts of gold. Notes: The gold standard has lost its popularity. The U.K. was taken off in 1931, and the U.S. was taken off in 1971. 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.
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| Under the gold-exchange standard that governed international finance prior to August 1971, a shift out of dollars would have led to a transfer of U. |
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