Under the gold standard, countries generally sterilized central bank intervention in the foreign exchange market.

Name: Under the gold standard, countries generally sterilized central bank intervention in the foreign exchange market.
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Under the gold standard, central banks did not generally sterilize their interventions in the foreign exchange market; instead, they allowed the domestic money supply to be influenced by gold flows, which were the result of balance of payments adjustments.

Under the Gold Standard, Countries Generally Sterilized Central Bank Intervention