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37 produkter
37 produkter
Strained Relations
US Foreign-Exchange Operations and Monetary Policy in the Twentieth Century
Inbunden, Engelska, 2015
872 kr
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Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances - most notably the abandonment of the international gold standard - and how political and bureaucratic factors affected this aspect of public policy.
Money, History, and International Finance
Essays in Honor of Anna J. Schwartz
Inbunden, Engelska, 1989
826 kr
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This volume provides a critical evaluation of Anna J. Schwartz's work and probes various facets of the immense contribution of her scholarship—How well has it stood the test of time? What critiques have been leveled against it? How has monetary research developed over the years, and how has her influence been manifested? Bordo has collected five conference papers presented by leading monetary scholars, discussants' comments, and closing remarks by Milton Friedman and Karl Brunner. Each of these insightful surveys extends Schwartz's work and makes its own contribution to the fields of monetary history, theory, and policy. The volume also contains a foreword by Martin Feldstein and a selected bibliography of publications by Anna Schwartz.
617 kr
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As awareness of globalization grows, so too does our need to understand it historically. This volume is one of the few to consider globalization in the context of the history of international trade. Its eleven papers explore a synthesized variety of topics, including how the process of globalization can be measured by the long-term integration of markets, what trends and questions develop as markets converge and diverge, what roles technology and geography play, the effect of globalization on inequality and social justice, and the roles of political institutions in responding to such injustices. Ultimately this work provides a panoramic view of globalization, one that will offer much to readers interested in this crucial issue.
1 152 kr
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Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources. This volume focuses on understanding the causes of the Great Inflation of the 1970s and '80s, which saw rising inflation in many nations and propelled interest rates across the developing world into the double digits. Ever since, the immediate cause of the period's rise in inflation has been extensively debated. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Contributors map monetary policy from the 1960s to the present, shedding light on how the lessons of the Great Inflation were absorbed and applied to today's global and increasingly complex economic environment.
Competition and Monopoly in the Federal Reserve System, 1914-1951
A Microeconomic Approach to Monetary History
Häftad, Engelska, 2005
577 kr
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Competition among central banks in a monetary union is thought to result in an over issue problem, which has its roots in the view that moneys produced by competitive central banks are perfect substitutes for each other. In the conventional set-up over issue can be overcome by granting a central bank exclusive rights to conduct monetary policy. In this book Mark Toma explores the workings of the early Federal Reserve System as a basis for challenging the conventional wisdom. He is able to show that competition among reserve banks in the 1920s did not result in an issue of Fed money. Rather the main effect of competitive structure was to cause reserve banks to make substantial interest payments to the private banking system in place of transfers to the US government. The book emphasizes the evolution of the Federal Reserve from a competitive to a monopolistic structure.
441 kr
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How did the Japanese achieve their unrivalled position in world banking? This book, first published in 1995, provides a full account in English of the banking industry in Japan for the century following the opening of the country to the outside world in 1859. Professor Tamaki begins by considering the period of experimentation during the Meiji Restoration which resulted in the adoption of the Gold Standard in 1891. He then offers a detailed examination of the highly profitable years up to the end of the First World War and of the subsequent crisis which was hastened by the earthquake that devastated Tokyo and Yokohama in 1923 and sealed by the financial collapse of 1927. New light is thrown on the extraordinary role played by the banking industry during the period of military expansionism which culminated with defeat in the Second World War. The book ends with an assessment of the post-war financial system which developed out of the Macarthur directives and the subsequent American 'democratisation' programme.
685 kr
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This book contains a collection of Michael D. Bordo's essays, written singly and with colleagues, on the classical gold standard and related regimes based directly or indirectly on gold convertibility. The gold standard (and its variants) was the basis for both international and domestic monetary arrangements from the third quarter of the nineteenth century until 1971 when President Nixon closed the US gold window, effectively ending the Bretton Woods International Monetary System. Although the gold standard and its variants are now history, it still has great appeal for policymakers and scholars. Several desirable features of the gold standard have resources for the ongoing issue of international monetary reform. They include its record as a stable nominal anchor; its automaticity; and its role as a credible commitment mechanism. The essays in this collection are organized around several themes: gold and the international monetary system; the commodity theory of money; the gold standard as a rule; variants of the gold standard including the interwar gold standard and the Bretton Woods International Monetary System.
280 kr
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This was the first major study of post-Civil War banking panics in almost a century. The author has constructed estimates of bank closures and their incidence in each of the five separate banking disturbances. The book takes a novel approach by reconstructing the course of banking panics in the interior, where suspension of cash payment, not bank closures, was the primary effect of banking panics on the average person. The author also re-evaluates the role of the New York Clearing House in forestalling several panics and explains why it failed to do so in 1893 and 1907, concluding that structural defects of the National Banking Act were not the primary cause of the panics.
Transferring Wealth and Power from the Old to the New World
Monetary and Fiscal Institutions in the 17th through the 19th Centuries
Häftad, Engelska, 2006
631 kr
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This book contains a collection of essays comparing the evolution of the fiscal and monetary regimes of the Old World colonial powers - England, France, Spain, Portugal and the Netherlands - from the seventeenth to the nineteenth centuries with the experiences of several of their former colonies in the New World of the Americas: the United States, Canada, Mexico, Colombia, Brazil and Argentina. The objective is to see how such fiscal and monetary institutions were modified or replaced by new ones. The case studies in the collection consider the experience of the colonies after they became independent countries; they examine the factors that allowed efficient fiscal institutions to develop in some countries, while in others such development turned out to be unsuccessful; and they consider why some governments were able to live within their means and provide public goods, while for others expenditures frequently exceeded revenue, often leading to fiscal crises.
387 kr
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This book, first published in 2000, presents a history of Western monetary systems and explains why bimetallism was preferred to a gold standard before 1800. Professor Redish argues that the technological ability to issue fiduciary monies, and a commitment mechanism to prevent opportunistic governments changing the ratio between the currency and a unit of gold, were (frequently overlooked) prerequisites for the emergence of the Classical gold standard. The simplicity of the gold standard, a monetary system where there is a fixed ratio between a weight of gold and a unit of currency, makes it an obvious focus for discussion of commodity money systems, and for contrasting with today's fiat money regimes.
645 kr
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Austria played a prominent role in the worldwide events of 1931 as the largest bank in Central and Eastern Europe, the Viennese Credit-Anstalt, collapsed and led Europe into a financial panic that spread to other parts of the world. The events in Austria were pivotal to the economic developments of the 1930s, yet the literature about them has been sparse. In this book, Schubert analyses the crisis using theories of financial crises, identifies the causes of the crisis, examines the market's efficiency in predicting events, analyses how the crisis was transmitted to the real sector, and studies the behaviour of the Austrian as well as international authorities as lenders of last resort. His main conclusion is that even decades after the crisis, many of its lessons are still valid. Managerial and regulatory deficiencies led to the collapse of the bank; the subsequent currency crisis was not an irrational and unexplainable panic by a confused public, but rather a rational response to inconsistencies in policy; and the reactions of the largely unprepared authorities - in Austria as well as abroad - did not help to resolve the crisis quickly.
523 kr
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This important contribution to comparative economic history examines different countries' experiences with different monetary regimes, laying particular emphasis on how the regimes fared when placed under stress such as wars or other changes in the economic environment. Covering the experience of ten countries over the period 1700-1990, the contributors employ the latest techniques of economic analysis in their studies. Several papers are concerned with the transformation from bimetallism to gold monometallism in the nineteenth century and the determinants of monetary regimes transformation in the core countries of Britain, France and the United States. Others focus on the successful and unsuccessful gold standard experiences of Canada, Australia, and Spain, while yet others examine the experience of wartime and postwar stabilizations surrounding the two World Wars and the Napoleonic War.
694 kr
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Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.
1 539 kr
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Austria played a prominent role in the worldwide events of 1931 as the largest bank in Central and Eastern Europe, the Viennese Credit-Anstalt, collapsed and led Europe into a financial panic that spread to other parts of the world. The events in Austria were pivotal to the economic developments of the 1930s, yet the literature about them has been sparse. In this book, Schubert analyses the crisis using theories of financial crises, identifies the causes of the crisis, examines the market's efficiency in predicting events, analyses how the crisis was transmitted to the real sector, and studies the behaviour of the Austrian as well as international authorities as lenders of last resort. His main conclusion is that even decades after the crisis, many of its lessons are still valid. Managerial and regulatory deficiencies led to the collapse of the bank; the subsequent currency crisis was not an irrational and unexplainable panic by a confused public, but rather a rational response to inconsistencies in policy; and the reactions of the largely unprepared authorities - in Austria as well as abroad - did not help to resolve the crisis quickly.
1 553 kr
Skickas inom 7-10 vardagar
This important contribution to comparative economic history examines different countries' experiences with different monetary regimes, laying particular emphasis on how the regimes fared when placed under stress such as wars or other changes in the economic environment. Covering the experience of ten countries over the period 1700-1990, the contributors employ the latest techniques of economic analysis in their studies. Several papers are concerned with the transformation from bimetallism to gold monometallism in the nineteenth century and the determinants of monetary regimes transformation in the core countries of Britain, France and the United States. Others focus on the successful and unsuccessful gold standard experiences of Canada, Australia, and Spain, while yet others examine the experience of wartime and postwar stabilizations surrounding the two World Wars and the Napoleonic War.
550 kr
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This volume provides a new interpretation of the operation and macroeconomic repercussions of the international monetary system during the interwar years. Each of the eleven essays is explicitly concerned with the role of exchange rates in macroeconomic fluctuations from the American and European perspective. The final essay examines the interwar experience from a long-term perspective.
The Rise of Financial Capitalism
International Capital Markets in the Age of Reason
Häftad, Engelska, 1993
318 kr
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This work establishes the existence of a sophisticated and smoothly functioning system of financial markets in the mercantile states of northwestern Europe throughout the 1700s. Based on computer analysis of thousands of price quotes from the financial press of the eighteenth century, the results should force both historians and economists to re-evaluate their understanding of the evolution of financial markets and their importance for the economic developments of that era.
1 783 kr
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How did the Japanese achieve their unrivalled position in world banking? This book, first published in 1995, provides a full account in English of the banking industry in Japan for the century following the opening of the country to the outside world in 1859. Professor Tamaki begins by considering the period of experimentation during the Meiji Restoration which resulted in the adoption of the Gold Standard in 1891. He then offers a detailed examination of the highly profitable years up to the end of the First World War and of the subsequent crisis which was hastened by the earthquake that devastated Tokyo and Yokohama in 1923 and sealed by the financial collapse of 1927. New light is thrown on the extraordinary role played by the banking industry during the period of military expansionism which culminated with defeat in the Second World War. The book ends with an assessment of the post-war financial system which developed out of the Macarthur directives and the subsequent American 'democratisation' programme.
387 kr
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Today, most scholars agree that mismanaged monetary policy contributed to the length and severity of the Great Depression in the USA. There is little agreement, however, about the causes of the Federal Reserve's mistakes. This book examines the policy strategy developed by the Federal Reserve during the 1920s and considers whether its continued use could explain the Federal Reserve's failure to respond vigorously to the depression. It also studies the effects on policy of the institutional changes occurring prior to the depression. While these changes enhanced the authority of officials who opposed open-market purchases and also caused some upward bias in discount rates, Wheelock concludes that monetary policy during the depression was in fact largely a continuation of the previous policy. The apparent contrast in the institution's responsiveness to economic conditions between the 1920s and early 1930s resulted from the consistent use of a procyclical policy strategy that caused it to respond more vigorously to minor recessions than to severe depressions.
1 865 kr
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This book contains a collection of Michael D. Bordo's essays, written singly and with colleagues, on the classical gold standard and related regimes based directly or indirectly on gold convertibility. The gold standard (and its variants) was the basis for both international and domestic monetary arrangements from the third quarter of the nineteenth century until 1971 when President Nixon closed the US gold window, effectively ending the Bretton Woods International Monetary System. Although the gold standard and its variants are now history, it still has great appeal for policymakers and scholars. Several desirable features of the gold standard have resources for the ongoing issue of international monetary reform. They include its record as a stable nominal anchor; its automaticity; and its role as a credible commitment mechanism. The essays in this collection are organized around several themes: gold and the international monetary system; the commodity theory of money; the gold standard as a rule; variants of the gold standard including the interwar gold standard and the Bretton Woods International Monetary System.
767 kr
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This is the first full-length study of five US banking panics of the Great Depression. Previous studies of the Depression have approached the banking panics from a macroeconomic viewpoint; Professor Wicker fills a lacuna in current knowledge by reconstructing a close historical narrative of each of the panics, investigating their origins, magnitude, and effects. He makes a detailed analysis of the geographical incidence of the disturbances using the Federal Reserve District as the basic unit, and reappraises the role of Federal Reserve officials in the panics. His findings challenge many of the commonly held assumptions about the events of 1930 and 1931, for example the belief that the increase in the discount rate in October 1931 initiated a wave of bank suspensions and hoarding. This meticulous account will be of wide interest to students of the Great Depression, monetary and financial historians, financial economists and macroeconomists.
1 377 kr
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This book, first published in 2000, presents a history of Western monetary systems and explains why bimetallism was preferred to a gold standard before 1800. Professor Redish argues that the technological ability to issue fiduciary monies, and a commitment mechanism to prevent opportunistic governments changing the ratio between the currency and a unit of gold, were (frequently overlooked) prerequisites for the emergence of the Classical gold standard. The simplicity of the gold standard, a monetary system where there is a fixed ratio between a weight of gold and a unit of currency, makes it an obvious focus for discussion of commodity money systems, and for contrasting with today's fiat money regimes.
A History of Banking in Antebellum America
Financial Markets and Economic Development in an Era of Nation-Building
Häftad, Engelska, 2000
523 kr
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Previous banking histories have focused on the money supply function of early American banks and its connection to the recurrent boom-bust cycle of the antebellum era. This history focuses on the credit generating function of American banks It demonstrates that banks aggressively promoted development rather than passively followed its course. Using previously unexploited data, Professor Bodenhorn shows that banks helped to advance the development of incipient industrialization. Additionally, he shows that banks formed long-distance relationships that promoted geographic capital mobility, thereby assuring that short-term capital was directed in socially desirable directions, that is, where it was most in demand. He then traces those institutional and legal developments that allowed for this capital mobility. The result was that America was served by an efficient system of financial intermediaries by the mid-nineteenth century.
Transferring Wealth and Power from the Old to the New World
Monetary and Fiscal Institutions in the 17th through the 19th Centuries
Inbunden, Engelska, 2001
1 783 kr
Skickas inom 7-10 vardagar
This book contains a collection of essays comparing the evolution of the fiscal and monetary regimes of the Old World colonial powers - England, France, Spain, Portugal and the Netherlands - from the seventeenth to the nineteenth centuries with the experiences of several of their former colonies in the New World of the Americas: the United States, Canada, Mexico, Colombia, Brazil and Argentina. The objective is to see how such fiscal and monetary institutions were modified or replaced by new ones. The case studies in the collection consider the experience of the colonies after they became independent countries; they examine the factors that allowed efficient fiscal institutions to develop in some countries, while in others such development turned out to be unsuccessful; and they consider why some governments were able to live within their means and provide public goods, while for others expenditures frequently exceeded revenue, often leading to fiscal crises.
1 499 kr
Skickas inom 7-10 vardagar
Central banks have emerged as the key players in national and international policy making. This book explores their evolution since World War II in 20 industrial countries. The study considers the mix of economic, political and institutional forces that have affected central bank behaviour and its relationship with government. The analysis reconciles vastly different views about the role of central banks in the making of economic policies. One finding is that monetary policy is an evolutionary process.
1 417 kr
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The present global monetary regime is based on floating among the major advanced countries. A key underlying factor behind the present regime is credibility to maintain stable monetary policies. The origin of credibility in monetary regimes goes back to the pre-1914 classical gold standard. In that regime, adherence by central banks to the rule of convertibility of national currencies in terms of a fixed weight of gold provided a nominal anchor to the price level. Between 1914 and the present several monetary regimes gradually moved away from gold, with varying success in maintaining price stability and credibility. In this book, the editors present ten studies combining historical narrative with econometrics that analyze the role of credibility in four monetary regimes, from the gold standard to the present managed float.
1 770 kr
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Central banks in Great Britain and the United States arose early in the financial revolution. The Bank of England was created in 1694 while the first Banks of the United States appeared in 1791-1811 and 1816-36, and were followed by the Independent Treasury, 1846-1914. These institutions, together with the Suffolk Bank and the New York Clearing House, exercised important central banking function before the creation of the Federal Reserve System in 1913. In this 2005 book, significant monetary changes in the lives of these British and American institutions are examined within a framework that deals with the knowledge and behavior of central bankers and their interactions with economists and politicians. Central bankers' behavior has shown considerable continuity in the influence of incentives and their interest in the stability of the financial markets.
318 kr
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227 kr
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Fifty Years of the Shadow Open Market Committee: A Retrospective on Its Role in Monetary Policy
Inbunden, Engelska, 2025
504 kr
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