Skip to main content Accessibility help
×
Hostname: page-component-cb9f654ff-9b74x Total loading time: 0 Render date: 2025-08-06T22:15:17.407Z Has data issue: false hasContentIssue false

8 - Central Banks and the Stability of the International Monetary Regime

Published online by Cambridge University Press:  05 June 2016

Michael D. Bordo
Affiliation:
Rutgers University, New Jersey
Øyvind Eitrheim
Affiliation:
Norges Bank
Marc Flandreau
Affiliation:
Graduate Institute of International and Development Studies, Geneva
Jan F. Qvigstad
Affiliation:
Norges Bank
Get access

Information

Type
Chapter
Information
Central Banks at a Crossroads
What Can We Learn from History?
, pp. 319 - 355
Publisher: Cambridge University Press
Print publication year: 2016

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Book purchase

Temporarily unavailable

References

Attard, B., 1992. “The Bank of England and the Origins of the Niemeyer Mission, 1921–30,” Australian Economic History Review 32, pp. 6683.10.1111/aehr.321004CrossRefGoogle Scholar
Berg, Claes and Jonung, Lars, 1999. “Pioneering Price Level Targeting: The Swedish Experience 1931–1937,” Journal of Monetary Economics 43(3), pp. 525551.CrossRefGoogle Scholar
Berger, H., de Hann, J. and Eijffinger, S.C.W., 2001. “Central Bank Independence: An Update of Theory and Evidence,” Journal of Economic Surveys 15(1), pp. 340.10.1111/1467-6419.00131CrossRefGoogle Scholar
Bernanke, Ben, Laubach, Thomas, Mishkin, Frederic and Posen, Adam, 1999. Inflation Targeting: Lessons from the International Experience. Princeton N.J.: Princeton University Press.Google Scholar
Bignon, Vincent, Flandreau, Marc and Ugolini, Stefano, 2012. “Bagehot for Beginners: The Making of Lender‐of‐Last‐Resort Operations in the Mid‐Nineteenth Century,” Economic History Review 65(2), pp. 580608.10.1111/j.1468-0289.2011.00606.xCrossRefGoogle Scholar
Bodea, C. and Huemer, S., 2010. “Dancing Together at Arm’s Length? The Interaction of Central Banks with Governments in the G7,” European Central Bank Occasional Paper 120.CrossRefGoogle Scholar
Bordo, Michael D. and Capie, Forrest, 1993. “Introduction,” in Bordo, Michael D. and Capie, Forrest, Monetary Regimes in Transition, Cambridge and New York: Cambridge University Press, pp. 112.CrossRefGoogle Scholar
Bordo, Michael D. and Flandreau, Marc, 2003. “Core, Periphery, Exchange Rate Regimes, and Globalization,” in Bordo, Michael D., Taylor, Alan M., and Williamson, Jeffrey G. (eds.), Globalization in Historical Perspective, Chicago: The University of Chicago Press, pp. 417472.CrossRefGoogle Scholar
Bordo, Michael D., Humpage, O.F., and Schwartz, A.J., 2010. “US Foreign Exchange Market Intervention during the Volcker-Greenspan Era,” NBER Working Paper 16345.10.3386/w16345CrossRefGoogle Scholar
Bordo, Michael D. and Kydland, Finn E., 1995. “The Gold Standard As a Rule: An Essay in Exploration,” Explorations in Economic History 32(4), pp. 423464.10.1006/exeh.1995.1019CrossRefGoogle Scholar
Bordo, Michael D. and MacDonald, Ronald, 2012. Credibility and the International Monetary Regime: A Historical Perspective, Studies in Macroeconomic History, Cambridge and New York: Cambridge University Press.10.1017/CBO9781139045841CrossRefGoogle Scholar
Bordo, Michael D. and Rockoff, Hugh, 1996. “The Gold Standard as a “Good Housekeeping Seal of Approval,” The Journal of Economic History 56(02), pp. 389428.CrossRefGoogle Scholar
Bordo, Michael D. and Schwartz, Anna, 1999. “Monetary Policy Regimes and Economic Performance: The Historical Record,” in Taylor, John and Woodford, Michael (eds.), Handbook of Macroeconomics, Volume 1 A, pp. 149234.10.1016/S1574-0048(99)01006-XCrossRefGoogle Scholar
Burdekin, Richard C.K., Mitchener, Kris, and Weidenmier, Marc D., 2012. “Irving Fisher and Price‐Level Targeting in Austria: Was Silver the Answer?,” Journal of Money, Credit and Banking 44(4), pp. 733750.CrossRefGoogle Scholar
Calomiris, Charles, 2011. “Banking Crises and the Rules of the Game,” in Wood, Geoffrey, Mills, Terence and Crafts, Nicholas (eds.), Monetary and Banking History: Essays in Honour of Forrest Capie, Routledge, pp. 88132.Google Scholar
Calvo, G.A. and Reinhart, C.M., 2002. “Fear of Floating,” Quarterly Journal of Economics 117 (2), pp. 379409.10.1162/003355302753650274CrossRefGoogle Scholar
Capie, Forrest, Fischer, Stanley, Goodhart, Charles and Schnadt, Norbert, 1994. The Future of Central Banking: The Tercentenary Symposium of the Bank of England, Cambridge and New York: Cambridge University Press.Google Scholar
Carlson, Mark and Mitchener, Kris, 2009. “Branch Banking as a Device for Discipline: Competition and Bank Survivorship during the Great Depression,” Journal of Political Economy 117(2), pp. 165210.10.1086/599015CrossRefGoogle Scholar
Chwieroth, J.M., 2010. Capital Ideas: The IMF and the Rise of Financial Liberalization, Princeton: Princeton University Press.Google Scholar
Contamin, Rémy, 2003. “Interdépendances financières et dilemme de politique monétaire. La Banque de France entre 1880 et 1913,” Revue économique 54 (1), pp. 157180.Google Scholar
Cukierman, Alex, 1992. Central Bank Strategy, Credibility, and Independence: Theory and Evidence, Cambridge, MA: The MIT Press.Google Scholar
De la Torre, A., Ize, A. and Schmukler, S., 2011. Financial Development in LAC: The Road Ahead, Washington, DC: World Bank.Google Scholar
Dominquez, K.M., 1998. “Central Bank Intervention and Exchange Rate Volatility,” Journal of International Money and Finance 17(1), pp. 161190.10.1016/S0261-5606(97)98055-4CrossRefGoogle Scholar
Dooley, Michael P., Folkerts-Landau, David and Garber, Peter. “The Revived Bretton Woods System,” International Journal of Finance and Economics 9(4), pp. 307313.CrossRefGoogle Scholar
Dorrucci, Ettore, and McKay, Julie, 2011. “The international monetary system after the financial crisis,” Occasional Paper Series 123, European Central Bank.Google Scholar
Eichengreen, Barry and Hausmann, Ricardo, 1999. Other People’s Money: Debt Denomination and Financial Instability in Emerging Market Economies, Chicago: The University of Chicago Press.Google Scholar
Eichengreen, Barry and Temin, Peter, 2000. “The Gold Standard and the Great Depression,” Contemporary European History 9(2), pp. 183207.10.1017/S0960777300002010CrossRefGoogle Scholar
Eichengreen, Barry, 1992. Golden Fetters. The Gold Standard and the Great Depression 1919–1939, Oxford and New York: Oxford University Press.Google Scholar
Eichengreen, Barry, 1996. Globalizing Capital: A History of the International Monetary System, Princeton: Princeton University Press.Google Scholar
Einaudi, Luca, 2001. European Monetary Unification and the International Gold Standard (1865–1873), Oxford and New York: Oxford University Press.Google Scholar
Eitrheim, Øyvind, Klovland, Jan Tore, and Øksendal, Lars Fredrik, 2016 (forthcoming). A Monetary History of Norway, 1816-2016, Cambridge and New York: Cambridge University Press.10.1017/9781316577202CrossRefGoogle Scholar
Feinstein, Charles, Temin, Peter and Toniolo, Gianni, 1997. The European Economy between the Wars, Oxford and New York: Oxford University Press.Google Scholar
Fischer, Stanley, 2001. “Exchange Rate Regimes: Is the Bipolar View Correct?,” Journal of Economic Perspectives 15(2), pp. 324.10.1257/jep.15.2.3CrossRefGoogle Scholar
Flandreau, Marc, 1996. “The French Crime of 1873: An Essay on the Emergence of the International Gold Standard, 1870–1880,”The Journal of Economic History, Cambridge University Press 56(04), pp. 862897.10.1017/S0022050700017502CrossRefGoogle Scholar
Flandreau, Marc, 1997. “Central Bank Cooperation in Historical Perspective: A Sceptical View,” Economic History Review 50(4), pp. 735763.10.1111/1468-0289.00076CrossRefGoogle Scholar
Flandreau, Marc, 2002. “‘Water Seeks a Level’”: Modeling Bimetallic Exchange Rates and the Bimetallic Band,” Journal of Money, Credit and Banking 34(2), pp. 491519.10.1353/mcb.2002.0038CrossRefGoogle Scholar
Flandreau, Marc, 2004. The Glitter of Gold: France, Bimetallism and the Emergence of the International Gold Standard 1848–1873, Oxford and New York: Oxford University Press.10.1093/0199257868.001.0001CrossRefGoogle Scholar
Flandreau, Marc and James, Harold, 2003. “Introduction,” in Flandreau, Marc, Holtfrerich, Carl-Ludwig and James, Harold (eds.), International Financial History in the Twentieth : System and Anarchy, Cambridge: Cambridge University Press, pp. 117.Google Scholar
Flandreau, Marc, and Komlos, John, 2006. “Target Zones in Theory and History: Credibility, Efficiency, and Policy Autonomy,” Journal of Monetary Economics 53(8), pp. 19791995.10.1016/j.jmoneco.2005.10.015CrossRefGoogle Scholar
Friedman, Milton and Schwartz, Anna, 1963. A Monetary History of the United States, 1867–1960, Princeton: Princeton University Press.Google Scholar
Friedman, Milton, 1990. “Bimetallism Revisited,” Journal of Economic Perspectives 4(4), pp. 85104.10.1257/jep.4.4.85CrossRefGoogle Scholar
Gallarotti, Giulio, 1995. The Anatomy of an International Monetary Regime: The Classical Gold Standard 1880–1914, Oxford and New York: Oxford University Press.10.1093/oso/9780195089905.001.0001CrossRefGoogle Scholar
Ghosh, A.R., Ostry, J.D., and Tsangarides, C., 2010. “Exchange Rate Regimes and the Stability of the International Monetary System,” Occasional Paper 270, Washington D.C.: International Monetary Fund.Google Scholar
Grauwe, Paul De, 2012. “The Governance of a Fragile Eurozone,” Australian Economic Review 45 (3), pp. 255268.10.1111/j.1467-8462.2012.00691.xCrossRefGoogle Scholar
Gros, Daniel and Thygesen, Niels, 1992. European Monetary Integration, London: Longman.Google Scholar
Helleiner, Eric, 2005. “A Fixation with Floating: The Politics of Canada’s Exchange Rate Regime,” Canadian Journal of Political Science 38(01), pp. 2344.10.1017/S0008423905050067CrossRefGoogle Scholar
Irwin, Douglas A., 2010. “Did France Cause the Great Depression?,” NBER Working Paper 16350, September.CrossRefGoogle Scholar
James, Harold, 2012. Making the European Monetary Union: The Role of the Committee of Central Bank Governors and the Origins of the European Central Bank, Cambridge (Mass.): Harvard University Press.Google Scholar
James, Harold, 2013. “The 1931 Central European Banking Crisis Revisited,” in Berghoff, Hartmut, Kocka, Jürgen and Ziegler, Dieter (eds.), Essays in Modern German and Austrian Economic History, edited by. Cambridge: Cambridge University Press, pp. 119132.Google Scholar
Jobst, Clemens, 2009. “Market leader: the Austro-Hungarian Bank and the making of foreign exchange intervention, 1896–1913,” European Review of Economic History 13(3), pp. 287318.CrossRefGoogle Scholar
Kaplan, J. and Schleiminger, G., 1989. The European Payments Union; Financial Diplomacy in the 1950s, Oxford: Clarendon Press.Google Scholar
Kindleberger, Charles P., 1973. The World in Depression, 1929-1939, Berkeley: University of California Press.Google Scholar
Klein, Michael W. and Shambaugh, Jay C., 2010. Exchange Rate Regimes in the Modern Era, Cambridge (Mass.) and London: The MIT Press.Google Scholar
Kleivset, Christoffer, 2012. “From a Fixed Exchange Rate Regime to Inflation Targeting. A Documentation Paper on Norges Bank and Monetary Policy, 1992–2001,” Norges Bank Working Paper 13.10.2139/ssrn.2261110CrossRefGoogle Scholar
Laidler, David, 1999. Fabricating the Keynesian Revolution: Studies of the Inter-war Literature on Money, the Cycle, and Unemployment, New York and Cambridge: Cambridge University Press.Google Scholar
Meissner, Christopher M., 2005. “A New World Order: Explaining the International Diffusion of the Gold Standard, 1870-1913,” Journal of International Economics 66(2), pp. 385406.CrossRefGoogle Scholar
Menkhoff, L., 2013. “Foreign Exchange Intervention in Emerging Markets: A Survey of Empirical Studies,” The World Economy 36(9), pp. 11871208.10.1111/twec.12027CrossRefGoogle Scholar
Meltzer, Allan H., 2003. A History of the Federal Reserve, Volume 1, 1913-1951, Chicago: University of Chicago Press.Google Scholar
Meltzer, Allan H., 2010. A History of the Federal Reserve, Volume 2, Book 1, 1951–1969, Chicago: University of Chicago Press.Google Scholar
Mitchener, Kris and Weidenmier, Marc D., 2008. “The Baring Crisis and the Great Latin American Meltdown of the 1890s,” The Journal of Economic History 68(02), pp. 462500.10.1017/S0022050708000375CrossRefGoogle Scholar
Mohanty, M.S. and Berger, Bat-el, 2013. “Central Bank Views on Foreign Exchange Intervention,” Bank for International Settlements Papers 73.Google Scholar
Morys, Matthias, 2013. “Discount Rate Policy under the Classical Gold Standard: Core versus Periphery (1870s–1914),” Explorations in Economic History 50(2), pp. 205226.10.1016/j.eeh.2012.12.003CrossRefGoogle Scholar
Mourlon-Druol, Emmanuel, 2012. A Europe Made of Money: The Emergence of the European Monetary System, Ithaca: Cornell University Press.10.7591/cornell/9780801450839.001.0001CrossRefGoogle Scholar
Neumann, Manfred J., 1999. “Monetary Stability: Threat and Proven Reponse,” in Bundesbank, Deutsche (ed.), Fifty Years of the Deutsche Mark, Oxford: Oxford University Press, pp. 260306.Google Scholar
Ögren, Anders, 2012. “Central Banking and Monetary Policy in Sweden during the Long Nineteenth Century,” in Øksendal, Lars Fredrik and Ögren, Anders (eds.), The Gold Standard Peripheries: Monetary Policy, Adjustment and Flexibility in a Global Setting, Basingstoke: Palgrave Macmillan.10.1057/9780230362314CrossRefGoogle Scholar
Øksendal, Lars Fredrik, 2012. “Freedom for Manouevre. The Gold Standard Experience of Norway, 1874–1914,” in Øksendal, Lars Fredrik and Ögren, Anders (eds.), The Gold Standard Peripheries: Monetary Policy, Adjustment and Flexibility in a Global Setting, Basingstoke: Palgrave Macmillan.Google Scholar
Reinhart, Carmen and Rogoff, Kenneth, 2004. “The Modern History of Exchange Rate Arrangements: A Reinterpretation,” The Quarterly Journal of Economics 119(1), pp. 148.10.1162/003355304772839515CrossRefGoogle Scholar
Reinhart, Carmen and Rogoff, Kenneth, 2009. This Time Is Different: Eight Centuries of Financial Folly, Princeton: Princeton University Press.Google Scholar
Ritschl, Albrecht, 2013. “Reparations, Deficits, and Debt Defaults,” in Crafts, Nicholas and Fearon, Peter (eds.), The Great Depression of the 1930s: Lessons for Today, Oxford: Oxford University Press, pp. 110139.10.1093/acprof:oso/9780199663187.003.0004CrossRefGoogle Scholar
Ritschl, Albrecht and Straumann, Tobias, 2010. “Business Cycles and Economic Policy, 1914-1945”, in Broadberry, Stephen and O’Rourke, Kevin (eds.), The Cambridge Economic History of Modern Europe, Volume 2, Cambridge and New York: Cambridge University Press, 2010, pp. 156180.CrossRefGoogle Scholar
Sarno, L. and Taylor, M.P., 2001. “Official Intervention in the Foreign Exchange Market: Is It Effective and, if so, How Does It Work?,” Journal of Economic Literature 39(3), pp. 839868.10.1257/jel.39.3.839CrossRefGoogle Scholar
Sayers, Richard S., 1976. The Bank of England, 1891-1944, Volume 1, Cambridge: Cambridge University Press.Google Scholar
Schenk, Catherine, 2004. “The New City and the State in the 1960s,” in Michie, Ranald and Williamson, Philip (eds.) The British Government and the City of London in the Twentieth Century, Cambridge: Cambridge University Press, pp. 322339.10.1017/CBO9780511496172.017CrossRefGoogle Scholar
Schenk, Catherine, 2010. The Decline of Sterling: Managing the Retreat of an International Currency, 1945–1992, Cambridge: Cambridge University Press.10.1017/CBO9780511676499CrossRefGoogle Scholar
Siklos, Pierre L., 2002. The Changing Face of Central Banking: Evolutionary Trends Since World War II, Cambridge: Cambridge University Press.10.1017/CBO9780511606427CrossRefGoogle Scholar
Siklos, Pierre L., 2009. “Not Quite as Advertised: Canada’s Managed Float in the 1950s and Bank of Canada Intervention,” European Review of Economic History 13(03), pp. 413435.CrossRefGoogle Scholar
Singleton, John, 2011. Central Banking in the Twentieth Century, Cambridge: Cambridge University Press.Google Scholar
Singleton, John and Schenk, Catherine, 2015. “The Shift from Sterling to the Dollar 1965-76: Evidence from Australia and New Zealand,” Economic History Review 68(4), pp. 11541176.CrossRefGoogle Scholar
Straumann, Tobias and Woitek, Ulrich, 2009. “A Pioneer of a New Monetary Policy? Sweden’s Price-Level Targeting of the 1930s Revisited,” European Review of Economic History 13(02), pp. 251282.10.1017/S1361491609002494CrossRefGoogle Scholar
Straumann, Tobias, 2010. Fixed Ideas of Money: Small States and Exchange Rate Regimes in Twentieth-Century Europe, Cambridge and New York: Cambridge University Press.10.1017/CBO9780511750953CrossRefGoogle Scholar
Swoboda, Alexander, 1986. “Credibility and Viability in International Monetary Arrangements,” Finance and Development 23, pp. 1518.Google Scholar
Toniolo, Gianni, 2005. Central Bank Cooperation at the Bank for International Settlements, 1930–1973, Cambridge and New York: Cambridge University Press.Google Scholar
Ugolini, Stefano, 2010. “The International Monetary System, 1844–1870: Arbitrage, Efficiency, Liquidity,” Working Paper 2010/23, Norges Bank.CrossRefGoogle Scholar
Ugolini, Stefano, 2012. “The Origins of Foreign Exchange Policy: The National Bank of Belgium and the Quest for Monetary Independence in the 1850s,” European Review of Economic History 16(1), pp. 5173.CrossRefGoogle Scholar
Velde, François, and Weber, Warren E., 2000. “A Model of Bimetallism,” Journal of Political Economy 108(6), pp. 12101234.10.1086/317687CrossRefGoogle Scholar
Wicker, Elmus, 1996. The Banking Panics of the Great Depression, New York: Cambridge University Press.10.1017/CBO9780511571985CrossRefGoogle Scholar

Accessibility standard: Unknown

Accessibility compliance for the PDF of this book is currently unknown and may be updated in the future.

Save book to Kindle

To save this book to your Kindle, first ensure no-reply@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×