Congress financed the American Revolution by issuing paper Continental Dollars. The story of the Continental Dollar is familiar to all -- a lot were issued and hyper-inflation ensued. Emissions were permanently discontinued in 1779. Thereafter, they became worthless and were forgotten. They had...

Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross-border capital flows, especially during disasters such as wars, financial crises and natural catastrophes. We assemble the first comprehensive long-run dataset of official...

Die Entschuldung von über schuldeten Staaten über eine lockere Geldpolitik bzw. über finanzielle Repression sichert den Wohlstand in den Industrieländern nicht, argumentieren die Autoren. Der mit der ultra-lockeren Geldpolitik einhergehende graduelle Fall der Produktivitätsgewinne und die...

This paper attempts to reconcile the apparent contradiction between two strands of the literature on the effects of financial intermediation on economic activity. On the one hand, the empirical growth literature finds a positive effect of financial depth as measured by, for instance, private...

Official (government-to-government) lending is much larger than commonly known, often surpassing total private cross-border capital flows, especially during disasters such as wars, financial crises and natural catastrophes. We assemble the first comprehensive long-run dataset of official...

Die Entschuldung von über schuldeten Staaten über eine lockere Geldpolitik bzw. über finanzielle Repression sichert den Wohlstand in den Industrieländern nicht, argumentieren die Autoren. Der mit der ultra-lockeren Geldpolitik einhergehende graduelle Fall der Produktivitätsgewinne und die...

This paper explores the rise of money and class society in ancient Greece, drawing historical and theoretical parallels to the case of ancient Egypt. In doing so, the paper examines the historical applicability of the chartalist and metallist theories of money. It will be shown that the origins...

This study investigate how debt restructurings have evolved over the decades. Debtors and creditors have a long history of engaging an outsider a third partyʺ, such as the IMF to organise and facilitate debt restructurings. As we show, the importance of these third partiesʺ has grown over...

This paper offers an econometric methodology for the detection of self-organisational change (defined in terms of the presence of time irreversibility, structural change and fundamental uncertainty) in economic processes that follow logistic diffusion growth paths in historical time. The...

This paper reviews recent developments in macro and finance on the relationship between financial risk and the real economy. We focus on three specific topics: the term structure of uncertainty, time variation - and specifically the long-term decline - in the variance risk premium, and time...