Why did Countries Adopt the Gold Standard? Lessons from Japan
研究日本1897年采用金本位制的政治经济过程，发现加入金本位并未降低利率或引发投资热潮，但通过降低交易成本促进了出口增长。
Why did policymakers adopt the gold standard? We first examine the political economy of Japan's adoption of the gold standard in 1897 by exploring the ex ante motives of policymakers as well as how the legislative decision to adopt gold won approval. We then show that joining the gold standard did not reduce Japanese interest rates or lead to a domestic investment boom. However, we find that membership in the gold standard increased Japan's exports by lowering transactions costs. Joining gold allowed Japan to tap into its growing share of global trade that was centered on the gold standard.