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The Interwar International Monetary Disorder: An International Political Economy Approach - Il disordine monetario internazionale durante le due guerre: un approccio di political e...

Seghezza, Elena - In: Economia Internazionale / International Economics 66 (2013) 3, pp. 391-416

The lack of cooperation between central banks is the most widely accepted interpretation of the collapse of the gold-exchange standard. This explanation does not take account of the evolution of systems of payment: national commodity moneys were progressively replaced by fiduciary money. These...

Persistent link: https://www.econbiz.de/10010991480

Did the Structure of Trade and Foreign Debt Affect Reserve Currency Composition? Evidence form Interwar Japan

Hatase, Mariko; Ohnuki, Mari - Institute for Monetary and Economic Studies, Bank of Japan - 2009

Historical experience is often invoked in the modern debate on competition among reserve currencies, yet little is known about quantitative aspects or institutional features of reserve management. By drawing on newly obtained data on foreign exchange reserves, especially those broken down by...

Persistent link: https://www.econbiz.de/10005003903

The Euro as a proxy for the classical gold standard? : government debt financing and political commitment in historical perspective

Hoffmann, Andreas - In: Journal des économistes et des études humaines : JEEH 19 (2013) 1, pp. 41-61

Persistent link: https://www.econbiz.de/10010367558

Causal effects of countercyclical interest rates : evidence from the classical gold standard

Mitchener, Kris; Pina, Gonçalo - 2022

We estimate the causal impact of countercyclical interest rates on macroeconomic outcomes in open economies. To identify countercyclical interest rates, we construct a new database of short-term interest rates, principal exports, and international commodity prices for 40 economies from 1870 to...

Persistent link: https://www.econbiz.de/10013183777

New perspectives on the Great Depression : a review essay

Tavlas, George S. - 2016

The Great Depression was the most devastating and destructive economic event to afflict the global economy since the beginning of the twentieth century. What, then, were the origins of the Great Depression and what have we learned about the appropriate policy responses to economic depressions...

Persistent link: https://www.econbiz.de/10011609758

International lending of last resort in historical and theoretical perspectives : introduction

Trautwein, Hans-Michael - In: Jahrbuch für Wirtschaftsgeschichte 63 (2022) 2, pp. 303-310

This paper provides an introduction to the special issue on international lending of last resort. Starting from debates about rescue operations and unconventional policies of major central banks in the contexts of the Global Financial Crisis and the European Debt Crisis, it draws attention to...

Persistent link: https://www.econbiz.de/10013447582

Financial instability and international-lender-of-last-resort theory from the gold standard to the dollar system

Carré, Emmanuel; Le Maux, Laurent - In: Jahrbuch für Wirtschaftsgeschichte 63 (2022) 2, pp. 311-344

We identify two approaches to financial crises in the history of political economy, namely, the exogenous approach whereby financial crises are sudden events, and the endogenous approach whereby they arise from a long process. In focusing on the endogenous approach, we study the contributions by...

Persistent link: https://www.econbiz.de/10013447589

Is the European debt crisis a mere balance of payments crisis?

Guerreiro, David - 2013

This paper is interested in linking formally external disequilibriums to the sovereign debt crisis the EMU is experiencing since 2009. Relying on the CHEER approach that connects the goods market to the capital market, we show that when a country belonging to a monetary union faces external...

Persistent link: https://www.econbiz.de/10011374306

Zooming Out: The Trade Effect of the EURO in Historical Perspective

Berger, Helge; Nitsch, Volker - 2005

currencies and adopted a new common currency, the euro. Several recent papers argue that the introduction of the euro has led (by … put the trade effect of the euro in historical perspective. We argue that the creation of the EMU was a continuation (or … integration, the euro?s impact on trade disappears. Moreover, a significant part of the trend in European trade integration is …

Persistent link: https://www.econbiz.de/10010296364

How successful is the G7 in managing exchange rates?

Fratzscher, Marcel - 2008

moving the US dollar, yen and euro in the intended direction at horizons of up to three months after G7 meetings, but not at …

Persistent link: https://www.econbiz.de/10011604998