Date of Submission

Fall 2022

Academic Program


Project Advisor 1

Liudmila Malyshava

Abstract/Artist's Statement

This paper explains two world monetary orders, the Gold Standard and Fiat Money. The paper argues that the Fiat Money system is better than the Gold Standard system because the Gold Standard system increases risk of deflation and restricts economic growth unlike the Fiat Money system. The paper discusses history of both monetary regimes, policy mechanism under both systems and economic outcomes. The paper states the policy and framework for exchange rates and trading under both regimes. It also discusses monetary policy and gold/capital flows under both of the systems.

Open Access Agreement

Open Access

Creative Commons License

Creative Commons License
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