驯服全球金融周期:中央银行作为第一个全球化时代的减震器

IF 2.5 1区 历史学 Q2 ECONOMICS Journal of Economic History Pub Date : 2022-08-01 DOI:10.1017/s0022050722000274
Guillaume Bazot, Eric Monnet, Matthias Morys
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引用次数: 5

摘要

古典金本位时期,资本流动性高,汇率固定,通常被视为国际货币政策约束的极端情况。与这一观点相反,我们展示了央行资产负债表如何抵消国际冲击对国内利率的影响。相比之下,在美国,一个没有中央银行的金本位国家,货币市场利率的反应比有中央银行的国家的利率反应强两到四倍。我们的研究基于1891-1913年世界上所有中央银行(即21家)的月度资产负债表。
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Taming the Global Financial Cycle: Central Banks as Shock Absorbers in the First Era of Globalization

The Classical Gold Standard period, with high capital mobility and fixed-exchange rates, is usually seen as the extreme case of international constraints on monetary policy. Contrary to this view, we show how central bank balance sheets offset the effects of international shocks on domestic interest rates. In contrast, in the United States, a gold standard country without a central bank, the reaction of money market rates was two to four times stronger than that of interest rates in countries with a central bank. Our study is based on the monthly balance sheets of all central banks in the world (i.e., 21) from 1891–1913.

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来源期刊
CiteScore
2.80
自引率
4.80%
发文量
38
期刊介绍: The Journal of Economic History is devoted to the multidisciplinary study of history and economics, and is of interest not only to economic historians but to social and demographic historians, as well as economists in general. The journal has broad coverage, in terms of both methodology and geographic scope. Topics covered include money and banking, trade, manufacturing, technology, transportation, industrial organisation, labour, agriculture, servitude, demography, education, economic growth, and the role of government and regulation. In addition, an extensive book review section keeps readers informed about the latest work in economic history and related fields.
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