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(1)王玨，中國人民大學經濟學院經濟史教研室教授。

(2)有論者也許會指出，在這一國際化金本位時代是否存在套利的可能？我們可以假設1法郎兌換0.01盎司黃金，這就意味著法國財政部隨時準備以1盎司的黃金買賣100法郎。如果美國財政部隨時準備以1盎司的黃金買賣50美元，則就意味著1美元必定交換2法郎。假設市場匯率是1美元兌換3法郎，在這一情況下，套利者可以用100美元兌換300法郎，利用這300法郎從法國中央銀行購買3盎司黃金。將這3盎司黃金帶到美國，并且可以以150美元的價格賣給美國財政部，獲利50美元。其結果就是，減少法國貨幣供給（法國黃金儲備減少）并且增加美國貨幣供給（美國黃金儲備增加）。但是，把黃金從法國帶到美國意味著套利者需要承擔國家運輸的成本。在這一時期，橫穿大西洋運輸黃金的成本是高昂的，國際金本位機制把匯率保持在運輸成本所決定的范圍之內。實際上，盡管存在套利的可能性以及局部范圍內的匯率波動，國際金本位制度防止了大范圍的且持久性的匯率波動。參見EICHENGREEN，BARRR（eds）．The Gold Standard in Theory and History［M］．New York：Methuen, 1985．