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  • 1
    In: Financial History Review, 2012, Vol.19(2), pp.245-247
    Keywords: International Capital Market ; Capital Flow ; Financial Centres ; 19th Century ; 20th Century ; Economics;
    ISSN: 0968-5650
    E-ISSN: 1474-0052
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  • 2
    In: JCMS: Journal of Common Market Studies, July 2014, Vol.52(4), pp.728-741
    Description: This article explores some lessons of the gold standard for the eurozone crisis with specific focus on the interwar period. Resurrected in the 1920s, the interwar gold standard malfunctioned from the onset, contributing to the reat epression's quick propagation and severity, and its abandonment between 1929 and 1936 was a critical factor in ending the reat epression, with countries devaluing earlier and more sizeably recovering more quickly. The intricate combination of similarities and differences with the present situation makes one of two outcomes likely: either some countries will eventually leave the eurozone to boost their growth prospects; or, the eurozone will remain intact as a result of stronger political co‐operation today, but a poorly working internal adjustment mechanism could result in low growth rates for the foreseeable future, similar to the experience of the gold bloc countries in the 1930s. This symposium item belongs to a section headed: SYMPOSIUM: THE GREAT DEPRESSION AND THE EUROZONE CRISIS: LEARNING FROM THE PAST, which also includes The Interwar Gold Standard in Light of the Present by David Bholat (DOI: ), What Does the 1930s' Experience Tell Us about the Future of the Eurozone? by Nicholas Crafts (DOI: ), Policy Options for the Euro: Heterodoxy Ahead? by Scott Urban (DOI: ).
    Keywords: Gold Standard ; Interwar Years ; Great Depression ; Cooperation ; Economic Analysis ; Common Market ; Economics;
    ISSN: 0021-9886
    E-ISSN: 1468-5965
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  • 3
    Language: English
    In: Explorations in economic history : EEH, 2013, Vol.50(2), pp. 205-226
    Description: To link to full-text access for this article, visit this link: http://dx.doi.org/10.1016/j.eeh.2012.12.003 Byline: Matthias Morys Keywords: Gold standard; Central bank reaction function; Rules of the game; Balance-of-payments adjustment; Central banking Abstract: Drawing on a new data set of monthly observations, this paper investigates similarities and differences in the discount rate policy of 12 European countries under the Classical Gold Standard. It asks, in particular, whether the bank rate policy followed different patterns in core and peripheral countries. Based on OLS, ordered probit and pooled estimations of central bank discount rate behaviour, two main findings emerge: firstly, the discount rate decisions of core countries were motivated by a desire to keep the exchange-rate within the gold points. In stark contrast, the discount rate decisions of peripheral countries reflected changes in the domestic cover ratio. The main reason for the difference in behaviour was the limited effectiveness of the discount rate tool for peripheral countries, which resulted in more frequent gold point violations. Consequently, peripheral countries relied on high reserve levels and oriented their discount rate policy towards maintaining the reserve level. Secondly, interest rate decisions were influenced by Berlin and London to a similar degree, suggesting that the European branch of the Classical Gold Standard was less London-centred than had been hitherto assumed. In establishing general patterns of discount rate policy, this paper aims to contribute to the wider discussion on monetary policy under the gold standard and the core-periphery dichotomy. Article History: Received 19 March 2012 Article Note: (footnote) [star] I owe a special thanks to the following people for helping me collect the data: Kath Begley (Bank of England), Sofia Lazaretou (Bank of Greece), Alfredo Gigliobianco (Bank of Italy), Kalina Dimitrova (Bulgarian National Bank), Ms Beex (De Nederlandsche Bank), Ivo Maes and Arnold de Schepper (National Bank of Belgium), Virgiliu Stoenescu, Elisabeta Blejan, Brandusa Costache and Adriana Aloman (National Bank of Romania), Milan Sojic and Ljiljana Djurdjevic (National Bank of Serbia), Walter Antonowicz, Clemens Jobst, Bernhard Mussak and Thomas Scheiber (Osterreichische Nationalbank), Erik Buyst, Martin Ivanov, Jan Tore Klovland, Larry Neal, Giuseppe Tattara, Anders Ogren, Lars Fredrik Oksendal and Marc Weidenmier.
    Keywords: Diskontpolitik ; Goldwährung ; Zentrum-Peripherie-Beziehung ; Geldgeschichte ; Welt ; 1870-1914
    ISSN: 00144983
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  • 4
    Language: English
    In: Geschichte und Gesellschaft, 1 April 2013, Vol.39(2), pp.153-176
    Description: With the onset of the Great Recession in autumn 2008, the Great Depression of the 1930s quickly became the historical period most often evoked to explain current events and, potentially, predict the future. An important aspect of the Great Depression was the breakdown of the gold exchange standard between 1931 and 1936; the end of this system of fixed exchange rates — and the ensuing cycle of competitive devaluations — was seen by most contemporaries as beggar-thy-neighbour policies and hence as causing a deepening of the depression. However, economic historians today see the abandonment of the gold standard as one, if not the most important, factor in ending the Great Depression. This paper explains the causes and consequences of the breakdown of the interwar gold standard and asks whether it offers any lessons for the on-going euro crisis.
    Keywords: Economics -- Economic theory -- Monetary theory ; Political science -- Military science -- Armed conflict ; History -- Historical methodology -- Historiography ; Economics -- Economic conditions -- Economic crises ; Economics -- Macroeconomics -- International economics ; History -- Historical methodology -- Historiography ; Economics -- Macroeconomics -- Money ; Economics -- Economic conditions -- Economic fluctuations ; Economics -- Economic conditions -- Economic fluctuations ; Economics -- Economic disciplines -- Labor economics
    ISSN: 0340613X
    E-ISSN: 21969000
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  • 5
    Language: English
    In: Œconomia, 01 December 2012, Vol.2(4), pp.465-472
    Description: In the previous issue of this journal Claire Silvant argued that late 19th century bimetallists identified themselves more closely with the endeavour of European monetary unification than their gold monometallic counterparts. I will argue that, if anything, the reverse was true. French gold monometallists were more supportive of European monetary unification.
    Keywords: Monetary Theory ; Bimetallism ; Monometallism ; European Monetary Unification ; Economics
    ISSN: 2113-5207
    E-ISSN: 2269-8450
    Source: Directory of Open Access Journals (DOAJ)
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  • 6
    In: Financial History Review, 2017, Vol.24(1), pp.3-21
    Description: This article documents and analyses monetary reform in Bulgaria, Greece, Serbia and Romania from 1815 (Serbian autonomy within the Ottoman Empire) to 1910, when Greece became the last country in the region to join the gold standard. It explains the five key steps towards monetary reform which the four countries took in the same chronological order, and asks why national coinage and the foundation of a bank of note issue came late in the reform process. The South-East European countries tried to emulate West European prototypes, yet economic backwardness meant such institutions were often different from the outset, remained short-lived or both.
    Keywords: Articles; Gold Standard; Central Banks; South-East Europe; N13; N14; N23; N24; E42; E58; F33
    ISSN: 0968-5650
    E-ISSN: 1474-0052
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  • 7
    Language: French
    In: Revue d'économie financière, 01 April 2017, Vol.N 125(1), pp.255-260
    Keywords: Business;
    ISBN: 9782376470069
    ISSN: 09873368
    E-ISSN: 17775744
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  • 8
    Language: French
    In: Revue d'économie financière : revue trimestrielle de l'Association d'Economie Financière, 2017, Vol.125(1), pp. 255-260
    ISSN: 09873368
    Source: Deutsche Zentralbibliothek für Wirtschaftswissenschaften
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  • 9
    Language: English
    In: Explorations in Economic History, April 2013, Vol.50(2), pp.205-226
    Description: Drawing on a new data set of monthly observations, this paper investigates similarities and differences in the discount rate policy of 12 European countries under the Classical Gold Standard. It asks, in particular, whether the bank rate policy followed different patterns in core and peripheral countries. Based on OLS, ordered probit and pooled estimations of central bank discount rate behaviour, two main findings emerge: firstly, the discount rate decisions of core countries were motivated by a desire to keep the exchange-rate within the gold points. In stark contrast, the discount rate decisions of peripheral countries reflected changes in the domestic cover ratio. The main reason for the difference in behaviour was the limited effectiveness of the discount rate tool for peripheral countries, which resulted in more frequent gold point violations. Consequently, peripheral countries relied on high reserve levels and oriented their discount rate policy towards maintaining the reserve level. Secondly, interest rate decisions were influenced by Berlin and London to a similar degree, suggesting that the European branch of the Classical Gold Standard was less London-centred than had been hitherto assumed. In establishing general patterns of discount rate policy, this paper aims to contribute to the wider discussion on monetary policy under the gold standard and the core–periphery dichotomy.
    Keywords: Gold Standard ; Central Bank Reaction Function ; Rules of the Game ; Balance-of-Payments Adjustment ; Central Banking ; Economics
    ISSN: 0014-4983
    E-ISSN: 1090-2457
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  • 10
    Language: English
    In: OEconomia, 12/2012, Vol.2012(04), pp.465-472
    ISSN: 2113-5207
    Source: CrossRef
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