Prices from 1873 to 1896, for example, decreased 53 percent; this decrease was followed by an increase of 56 percent from 1896 to 1913. These swings can be explained, in large measure, by fluctuations in gold production driven by discoveries of new deposits.
12 Depending on the type of activity they carry out, many fintech companies are already subject to one or more  pieces of EU sectoral financial services legislation. 13 See Goodhart, C. (2008), “The Boundary Problem in Financial Regulation”, National Institute Economic Review,  206, 48–55. 14 See Eichengreen, B.