“…• Portugal was a member of the gold standard from 1854 until 1891; its departure from the gold standard in 1891 was, in part, related to domestic political instability, following a failed attempt to establish a Republic (Duarte and Andrade, 2004). Following its departure from the gold standard, the country followed a policy of shadowing the gold standard, without committing to it (Soto, 1999, p. 468).…”