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The Rise and Fall of the Dollar, or When Did the Dollar Replace Sterling as the Leading International Currency?

Eichengreen, Barry - 2008

We present new evidence on the currency composition of foreign exchange reserves in the 1920s and 1930s. Contrary to the presumption that the pound sterling continued to dominate the U.S. dollar in central bank reserves until after World War II, we show that the dollar first overtook sterling in...

Persistent link: https://www.econbiz.de/10012464493

Real Effects of Stabilizing Private Money Creation

Xu, Chenzi; Yang, He - National Bureau of Economic Research - 2022

We show that decentralized privately created money with unstable values can hinder the traded, more transaction-friction sensitive, sector of the economy. We do so in the context of the NationalBanking Act of 1864 in the United States that created a new federally-regulated, fully-backed currency...

Persistent link: https://www.econbiz.de/10013210088

Creating Maryland's Paper Money Economy, 1720-1739 : The Role of Power, Print, and Markets

Grubb, Farley - 2008

The British North American colonies were the first western economies to rely on legislature-issued fiat paper money as their principal internal medium of exchange. This system arose piecemeal across the colonies making the paper money creation story for each colony unique. It was true monetary...

Persistent link: https://www.econbiz.de/10012464672

The U.S. Constitution and Monetary Powers : An Analysis of the 1787 Constitutional Convention and Constitutional Transformation of the Nation's Monetary System Emerged

Grubb, Farley - 2005

The monetary powers embedded in the U.S. Constitution were revolutionary and led to a watershed transformation in the nation's monetary structure. They included determining what monies could be legal tender, who could emit fiat paper money, and who could incorporate banks. How the debate at the...

Persistent link: https://www.econbiz.de/10012466888

Exchange Arrangements Entering the 21st Century : Which Anchor Will Hold?

Ilzetzki, Ethan - 2017

This paper provides a comprehensive history of anchor or reference currencies, exchange rate arrangements, and a new measure of foreign exchange restrictions for 194 countries and territories over 1946-2016. We find that the often-cited post-Bretton Woods transition from fixed to flexible...

Persistent link: https://www.econbiz.de/10012455547

Colonial New Jersey's Paper Money Regime, 1709-1775 : A Forensic Accounting Reconstruction of the Data

Grubb, Farley - 2013

Forensic accounting is used to reconstruct the data on emissions, redemptions, and bills outstanding for colonial New Jersey paper money. These components are further separated into the amounts initially legislated, and the amounts actually executed. These data are substantial improvements over...

Persistent link: https://www.econbiz.de/10012458953

Non-Legal-Tender Paper Money : The Structure and Performance of Maryland's Bills of Credit, 1767-1775

Celia, Jim - 2014

Maryland's non-legal-tender paper money emissions between 1765 and 1775 are reconstructed to determine the quantities outstanding and their redemption dates, providing a substantial correction to the literature. Over 80 percent of this paper money's current market value was expected real asset...

Persistent link: https://www.econbiz.de/10012458141

Opting Out of the Great Inflation : German Monetary Policy After the Break Down of Bretton Woods

Beyer, Andreas - 2008

banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the …

Persistent link: https://www.econbiz.de/10012464053

Rules, Discretion, and Central Bank Independence : The German Experience 1880-1989

Eschweiler, Bernhard - 1993

best. Monetary policy in Germany during the past one hundred years provides an excellent case to assess the empirical … authority in 1876, Germany has participated in four monetary regimes: the pre-war gold standard, the inter-war gold standard … in Germany was always geared toward maintaining price stability with the exception of the two world war periods. Germany …

Persistent link: https://www.econbiz.de/10012474395

Central Banks : Evolution and Innovation in Historical Perspective

Bordo, Michael D. - 2017

Central banks have evolved for close to four centuries. This paper argues that for two centuries central banks caught up to the strategies followed by the leading central banks of the era; the Bank of England in the eighteenth and nineteenth centuries and the Federal Reserve in the twentieth...

Persistent link: https://www.econbiz.de/10012453864

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