gold standard

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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.

Gold Standard

A system whereby a currency is linked to the value of gold. That is, one would be able to exchange one unit of the currency for so many ounces of gold on demand. The gold standard makes monetary policy independent from policymaker decisions. Many currencies have been linked to gold over the years, most recently under the Bretton Woods System. The gold standard reduces the likelihood of inflation, but tends to cause higher interest rates and renders a country less able to pursue full employment. The gold standard contrasts with fiat money. See also: Cross of Gold, Silver Standard.

gold standard

A monetary system under which a country's money is defined in terms of gold and convertible into a fixed quantity of gold. A gold standard effectively takes monetary policy out of the hands of government policymakers. While use of the gold standard reduces the likelihood of inflation, the accompanying inability to pursue other economic goals, such as full employment or reduced interest rates, has resulted in the gold standard's fall from favor.

Gold standard.

The gold standard is a monetary system that measures the relative value of a currency against a specific amount of gold.

It was developed in England in the early 18th century when the scientist Sir Isaac Newton was Master of the English Mint. By the late 19th century, the gold standard was used throughout the world.

The United States was on the gold standard until 1971, when it stopped redeeming its paper currency for gold.

gold standard

an INTERNATIONAL MONETARY SYSTEM in which GOLD forms the basis of countries’ domestic MONEY SUPPLY and is used to finance INTERNATIONAL TRADE and BALANCE OF PAYMENTS deficits.

Under the gold standard, EXCHANGE RATES were rigidly fixed in terms of gold. (The gold standard was widely adopted in the 19th century and operated down to the early 1930s.) In theory, the gold standard provided an automatic ADJUSTMENT MECHANISM for eliminating payments imbalances between countries: deficits were financed by outward gold transfers that reduced the domestic MONEY SUPPLY. This in turn deflated (see DEFLATION) the domestic price level, making IMPORTS relatively more expensive and EXPORTS relatively cheaper, thereby reducing the volume of imports and increasing the volume of exports. Surpluses were financed by inward gold transfers, which increased the domestic money supply. This in turn inflated (see INFLATION) the domestic price level, making imports relatively cheaper and exports relatively more expensive, resulting in a fall in the volume of exports and an increase in the volume of imports. In this way, both deficits and surpluses were removed and BALANCE OF PAYMENTS EQUILIBRIUM restored. In practice, however, countries found that a combination of rigidly fixed exchange rates and the complete subordination of domestic economic policy to the external situation was too onerous and opted for more flexible arrangements. See FIXED EXCHANGE RATE SYSTEM, INTERNATIONAL MONETARY FUND.

References in periodicals archive ?
To discover the optimum cutoff point (or, the cutoff point that would give rise to the Criterion Standard Test), we proceeded as follows: based on the distribution of SUV scores, we constructed all possible 2-variable contingency tables per SUV value--as the one below for SUV = 10--and, using the [chi square] test, we tested whether or not the state of nature variable and the test results variable are independent.
Secondly, one-sample t-tests, with an alpha level set at .05, were used to compare means of HRF of undergraduate Kinesiology students to the gender-specific criterion standards recommended for each test.
Because stiffness is a composite measure of force, moment arm length, and angle, no method exists for directly testing the validity of the slope of the torque-lumbar region angle curve against a criterion standard. To address this issue, we tested the validity of components of the stiffness measure against their criterion standards and calculated error for the stiffness measure as a weighted sum of the errors for each component measure.
They must have used a criterion standard as comparison and provided information on diagnostic accuracy (usually sensitivity and specificity).
Indicate the masking (blinding) of those performing (a) evaluated test(s) and (b) criterion standard test(s) to avoid reviewer bias.
Diagnoses provided by the Structured Clinical Interview for DSM-IV (SCID),[19] widely regarded as a diagnostic gold standard, served as criterion standards. The second study examined the validity of the QPD Panel alcohol/substance abuse scale by evaluating the scale's ability to differentiate known abusers from healthy control patients.
Methods for blinding of those performing (a) evaluated test(s) and (b) criterion standard test(s) to avoid reviewer bias.
TABLE 2 Answer to the Single-Question Screening Instrument for Problem Drinking, by Criterion Standards and by Sex
The medical technicians' diagnoses served as the criterion standard for comparison with the clinician evaluations and nucleic acid hybridization test results.
Histologic confirmation of disease is currently the diagnostic criterion standard for CIN.
The C trachomatis culture is considered the criterion standard of comparison.
Sensitivity and PVP were calculated using 1) medical record-confirmed ILI, as defined and 2) laboratory confirmation of a respiratory infection, as criterion standards. USAF Academy, USAF School of Aerospace Medicine (USAFSAM), DoD, and CDC staff members who used ESSENCE daily were interviewed to assess the remaining evaluation criteria.