{"title":"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","authors":"Guillaume Bazot, Eric Monnet, Matthias Morys","doi":"10.1017/s0022050722000274","DOIUrl":null,"url":null,"abstract":"<p>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.</p>","PeriodicalId":51435,"journal":{"name":"Journal of Economic History","volume":null,"pages":null},"PeriodicalIF":2.5000,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"5","resultStr":"{\"title\":\"Taming the Global Financial Cycle: Central Banks as Shock Absorbers in the First Era of Globalization\",\"authors\":\"Guillaume Bazot, Eric Monnet, Matthias Morys\",\"doi\":\"10.1017/s0022050722000274\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>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.</p>\",\"PeriodicalId\":51435,\"journal\":{\"name\":\"Journal of Economic History\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":2.5000,\"publicationDate\":\"2022-08-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"5\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Economic History\",\"FirstCategoryId\":\"98\",\"ListUrlMain\":\"https://doi.org/10.1017/s0022050722000274\",\"RegionNum\":1,\"RegionCategory\":\"历史学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Economic History","FirstCategoryId":"98","ListUrlMain":"https://doi.org/10.1017/s0022050722000274","RegionNum":1,"RegionCategory":"历史学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
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.
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.