Integration in the American Foreign-Exchange Market, 1791–1900
利用新编制的美元-英镑汇率数据和铸币点价差估计，研究了19世纪金本位制下美国外汇市场的一体化程度，区分了内部与外部一体化，发现外部一体化更为重要，到1881-1900年市场在两方面都高度一体化，长期改善趋势仅被战争打断。
Integration in the American foreign-exchange market under the nineteenthcentury specie standard is examined using a newly developed series of the dollar- sterling exchange rate and estimates of specie-point spreads. A distinction is made between internal and external integration. The latter is much more important over the entire 1791 to 1900 time span, but by 1881–1900 the market is tightly integrated in both senses. The long-term trend of improved integration is interrupted only by wartime.