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for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …
Persistent link: https://www.econbiz.de/10012471593
organize: World War I, Bretton Woods, 1970s Great Inflation and Managed Floating. Each turning point was characterized by …
Persistent link: https://www.econbiz.de/10012599404
cross country comparison in the post World War II period of 84 countries arrayed from very low to very high per capita …
Persistent link: https://www.econbiz.de/10012476996
of both advanced and emerging countries during two periods of globalization -- the pre-World War I classical gold …
Persistent link: https://www.econbiz.de/10012469694
international monetary framework was responsible for the relatively short-lived and mild nature of pre-World War I financial crises …
Persistent link: https://www.econbiz.de/10012469999
In this paper we focus on the different historical regime experiences of the core and the periphery. Before 1914 advanced countries adhered to gold while periphery countries either emulated the advanced countries or floated. Some peripheral countries were especially vulnerable to financial...
Persistent link: https://www.econbiz.de/10012470132
globalization that goes back to the 1870s may end in turmoil just like the first wave which ended after World War I. It is too soon … across the world after the crisis. This suggests either a pause in the pace of integration or more likely a slowing down …
Persistent link: https://www.econbiz.de/10012453925
In this paper we first trace the changing nature of banking, currency and debt crises from the last century to the present. Each type of crisis has transmogrified in the presence of official intervention and the creation of a safety net. A similar pattern is observed for international rescue...
Persistent link: https://www.econbiz.de/10012471060
The creation of EMU and the ECB has triggered a discussion of the future of EMU. Independent observers have pointed to a number of shortcomings or hazard areas' in the construction of EMU, such as the absence of a central lender of last resort function for EMU, the lack of a central authority...
Persistent link: https://www.econbiz.de/10012471419
The process of central bank (CB) evolution by emerging market economies (EMEs), including central bank independence (CBI) and transparency (CBT), converged towards that of the advanced economies (AEs) before the Global Financial Crisis (GFC) of 2007-2008. It was greatly aided by the adoption of...
Persistent link: https://www.econbiz.de/10012480286