The Remarkable Efficiency of the Dollar-Sterling Gold Standard, 1890–1906
构建了一个金本位效率模型，通过比较实际损失与完美套利下的假设损失来度量效率，发现1890-1906年美元-英镑金本位效率极高，仅略低于1950-1966年布雷顿森林体系下的外汇市场效率。
The article develops a model of gold-standard efficiency in the context of the theory of efficient asset markets. Efficiency is measured by the ratio of experienced disutility to the hypothetical loss under perfect gold arbitrage and neutral exchange-rate speculation. Dollar-sterling gold-point estimates for 1890 to 1906 are generated using the methodology of focusing on the dominant arbitrageurs, the prevailing exchange instrument, and the primary form of gold shipped. Gold- standard efficiency is remarkably high and only marginally below exchange- market efficiency from 1950 to 1966 under Bretton Woods.