Pomen zlata za nastanek in delovanje mednarodnega sistema zlatega standarda pred prvo svetovno vojno = The importance of gold in the establishment and operation of the international gold standard before the First World War
Pančur, Andrej
V nasprotju s trdoživim mitom mednarodni sistem zlate valute pred prvo svetovno vojno ni zagotavljal cenovne stabilnosti. Po drugi strani je vsaj v razvitih državah dolgo časa učinkovito zagotavljal ...fiksne devizne tečaje. Pri tem je imelo zlato kot podlaga fiksnih tečajev vse do sedemdesetih let 19. stoletja enakovrednega tekmeca v srebru. Ker je imela gospodarsko vodilna Velika Britanija svojo valuto vezano na zlato, so se tudi druge države odločile za zlato valuto. Čim več držav je prevzelo zlato valuto, tem manjši pomen je imelo srebro. Po drugi strani je bilo zlato zaradi zelo razvitega finančnega sistema navsezadnje samo še temelj psihološkega zaupanja ljudi v stabilnost denarnega sistema.
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