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James B Allen's study analyzes why governments abided by or defected from the gold standard during the 1920s and 1930s. The work uses cross-sectional time series data and four case studies to profile domestic political and institutional factors linked to capital flight, current account deficits, currency devaluation, and tariff protection. It demonstrates that capital flight and deficits stemmed from a lack of credible anti-inflationary policies, while externalization decisions were driven by domestic politics.
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