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Taming the Global Financial Cycle: Central Banks as Shock Absorbers in the First Era of Globalization

Published online by Cambridge University Press:  01 August 2022

Guillaume Bazot ,
Eric Monnet Open the ORCID record for Eric Monnet [Opens in a new window]  and
Matthias Morys Open the ORCID record for Matthias Morys [Opens in a new window]
Guillaume Bazot
Affiliation:
Assistant Professor, Department of Economics, University Paris 8, 2 Rue de la Liberté, 93200 Saint-Denis, France. E-mail: gbazot@gmail.com.
Eric Monnet
Affiliation:
Professor, Paris School of Economics and EHESS, 48 Bd Jourdan, 75014 Paris, France and Research Affiliate, CEPR, 2, 33 Great Sutton St, London EC1V 0DX, UK. E-mail: eric.monnet@psemail.eu.
Matthias Morys*
Affiliation:
Senior Lecturer, Department of Economics and Related Studies, University of York, York, YO10 5DD, UK. E-mail: matthias.morys@york.ac.uk
*
E-mail: matthias.morys@york.ac.uk
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Abstract

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.

Type
Article
Information
The Journal of Economic History , Volume 82 , Issue 3 , September 2022 , pp. 801 - 839
Copyright
© The Author(s), 2022. Published by Cambridge University Press on behalf of the Economic History Association

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Footnotes

We gratefully acknowledge financial support from the Fondation Banque de France, the Labex OSE - EUR grant ANR-17-EURE-0001, and the University of York. Earlier versions of this paper were presented at the (bi-)annual meetings of the AEA, the Economic History Society, the European Historical Economics Society, the CEPR economic history group, and the Verein für Socialpolitik (Wirtschaftshistorischer Ausschuss); at seminars and conferences at the U.S. Federal Reserve Board and the Universities of Buckingham, Lund, and Strasbourg. We are grateful to all participants for their spirited discussion and helpful comments, and in particular to Michael Bordo, Rui Esteves, Eric Hilt, Caroline Fohlin, Clemens Jobst, Lars Jonung, Francois Velde, and Marc Weidenmier. We want to thank two anonymous referees and the editor, Eric Hilt, for their advice, learn from their experience with particular countries, and enabling us to refine our core argument. We owe a special thanks to the following people for sharing data or helping us collect, systematize, and interpret data: Fabrice Reuzé, Patrice Denis, and Frederik Grelard (Bank of France Archives), Juha Tarkka and Vappu Ikonen (Bank of Finland), Amélia Branco, Peter Lindert, Jonas Lundberg, Rita Martins de Sousa, Pedro Neves, Masato Shizume, and Antoine Terracol.

References

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