02458cas a2200301 a 4500 AALejournalIMF022971 230101c9999 xx r poo 0 0eng d 20.00 USD 9798400212208 1018-5941 BD-DhAAL BD-DhAAL Wiegand, Johannes. Pictures of a Revolution : Analyzing the Transition from Global Bimetallism to the Gold Standard in the 1860s and 1870s / Johannes Wiegand. Washington, D.C. : International Monetary Fund, 2022. 1 online resource (26 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students In the early 1870s, the global monetary system transitioned from bimetallism-a regime in which gold and silver currencies were tied at quasi-fixed exhange ratios-to the gold standard that was characterized by the use of (only) gold as the main currency metal by the largest and most advanced economies. The transition ocurred against the backdrop of both large supply shifts in global bullion markets in the 1850s and 60s and momentous political events, such as the Franco-Prussian war of 1870/71 and the subsequent foundation of the German empire. The causes for the transition have long been a matter of intense debate. This article discusses three separate but interrelated issues: (i) assessing the robustness of the pre-1870 bimetallic system to shocks-which includes a discussion of the appropriate use of Flandreau's (1996) reference model; (ii) analyzing the transition from bimetallism to gold as a multi-stage currency game played by France and Germany; and (iii) evaluating the monetary debates at the German Handelstag conferences in the 1860s, to present a more complete narrative of the German discussion in the run-up to the transition. Mode of access: Internet Model Construction and Estimation imf Monetary Systems imf Noncooperative Games imf Regimes imf Standards imf IMF Working Papers; Working Paper ; No. 2022/119 Full text available on IMF https://elibrary.imf.org/openurl?genre=journal&issn=1018-5941&volume=2022&issue=119 IMF e-Library