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The main goal of this paper is to debunk a series of myths regarding the proximate causes of the so-called Great Recession of 2008-09. I focus on the Baring crisis of 1890, that involved Great Britain and Argentina. The factors behind the 1890 crisis were virtually identical to those surrounding...
Persistent link: https://www.econbiz.de/10013144526
took hold in Hungarian economic history between 1867 and 1938 – an era divided into five distinct periods –; in other words …
Persistent link: https://www.econbiz.de/10012914778
Despite its significance in monetary history, the Maria Theresa thaler (or taler) is little known outside numismatic … circles. The paper describes this coin’s history, which the paper argues is the reverse to the obverse of the rise of national … monies. The coin circulated in Africa, the Levant and Arabia as a full-bodied commodity money until governments one …
Persistent link: https://www.econbiz.de/10005769917
divergence in commodity prices in late-medieval Europe. This paper seeks to show that monetary factors also played a role in … determining or influencing both prices and real wages in medieval Europe, both before and after the Black Death. The evidence … differences in relative prices can be explained as well by real factors. Thus the core theme of the paper: 'money matters', though …
Persistent link: https://www.econbiz.de/10010575181
This paper aims to trace the history of central banking in pre-WWII Greece. To this end, we first study the country … leveraged. The analysis of the composition of money supply and its long run behaviour suggests that monetary base variations … were the proximate determinants of money supply movements, whereas money multiplier had a minimum impact. Central banking …
Persistent link: https://www.econbiz.de/10005523505
Why did Victorian Britain invest so much capital abroad? We collect over 500,000 monthly returns of British and foreign securities trading in London and the United States between 1866 and 1907. These heretofore-unknown data allow us to better quantify the historical benefits of international...
Persistent link: https://www.econbiz.de/10010282738
-century Amsterdam, Europe's financial capital at the time. An Anglo-Dutch premium auction consists of an English auction followed by a …
Persistent link: https://www.econbiz.de/10009500673
We analyze the determinants of illiquidity and its impact on asset pricing for purely call-auction traded stocks on Berlin Stock Exchange using 22 years of daily data (1892-1913). We use the Lesmond et al. (1999) measure of transaction costs to proxy illiquidity. We show that transaction costs...
Persistent link: https://www.econbiz.de/10009238626