Co-auteur
  • KOMLOS John (7)
  • LE CACHEUX Jacques (4)
  • JOBST Clemens (3)
  • ZUMER Frédéric (3)
  • Voir plus
Type de Document
  • Article (26)
  • Working paper (20)
  • Partie ou chapitre de livre (14)
  • Livre (6)
  • Voir plus
2
vues

0
téléchargements
This paper examines the historical record of the Austro-Hungarian monetary union, focusing on its bargaining dimension. As a result of the 1867 Compromise, Austria and Hungary shared a common currency, although they were fiscally sovereign and independent entities. By using repeated threats to quit, Hungary succeeded in obtaining more than proportional control and forcing the common central bank into a policy that was very favourable to it. Using insights from public economics, this paper explains the reasons for this outcome. Because Hungary would have been able to secure quite good conditions for itself had it broken apart, Austria had to provide its counterpart with incentives to stay on board. I conclude that the eventual split of Hungary after WWI was therefore not written on the wall in 1914, since the Austro-Hungarian monetary union was quite profitable to Hungarians.

3
vues

0
téléchargements
C'est le problème central de l'économie du développement. Soit une économie enfermée dans une trappe à pauvreté: des performances insuffisantes motivent des investissements trop faibles qui plongent l'économie dans la stag nation. La solution? Des investissements massifs pour extraire l'économie du piège où elle se trouve. C'est le bon vieux "big push" (la "grande poussée") que les Objectifs du millénaire ont remis au goût du jour. Seulement voilà, le développement est autant affaire d'institutions que de moyens, et un demi-siècle d'expériences concrètes ont enseigné cette leçon simple: faute d'institutions suffi samment robustes, les investissements publics seront acheminés vers de mauvaises destinations et, dans ce contexte, "big push" rime avec prévarication et corruption.

Publié en 2006-03 Collection CEPR Discussion paper : n°5529
JOBST Clemens
2
vues

0
téléchargements
Using a new database for the late 19th century, when the pound sterling circulated all over the world, this paper provides the first review of critical empirical issues in the economics of international currencies. First, we report evidence in favor of the search-theoretic approach to international currencies. Second, we give empirical support to strategic externalities. Third, we provide strong confirmation of the existence of persistence. Finally, we reject the view that the international monetary system is subject to pure path dependency in that it cannot remain locked into some past equilibrium. Our conclusion is that, for the late 19th century at least, money and trade were complements.

Publié en 2006-01 Collection CEPR Discussion paper : n°5397
0
vues

0
téléchargements
This paper examines the historical record of the Austro-Hungarian monetary union, focusing on its bargaining dimension. As a result of the 1867 Compromise, Austria and Hungary shared a common currency, although they were fiscally sovereign and independent entities. By using repeated threats to quit, Hungary succeeded in obtaining more than proportional control and forcing the common central bank into a policy that was very favourable to it. Using insights from public economics, this paper explains the reasons for this outcome. Because Hungary would have been able to secure quite good conditions for itself had it broken apart, Austria had to provide its counterpart with incentives to stay on board. I conclude that the eventual split of Hungary after WWI was therefore not written on the wall in 1914, since the Austro-Hungarian monetary union was quite profitable to Hungarians.

Publié en 2006-01 Collection CEPR Discussion paper : n°5423
ACCOMINOTTI Olivier
2
vues

0
téléchargements
Textbook accounts of the Anglo-French trade agreement of 1860 argue that it heralded the beginning of a liberal trading order. This alleged success has much interest from a policy point of view: unlike modern GATT/WTO multilateral agreements, it rested on bilateral negotiations. But, in reality, how great were its effects? With the help of new data on international trade we provide empirical evidence. We find that the Anglo-French treaty and subsequent network of Most Favoured Nation (MFN) trade agreements coincided with the end of a period of unilateral liberalization across the world, and that it did not contribute to expand trade at all. This is contrary to a deeply rooted belief among economists and economic historians. We conclude that, contrary to a popular wisdom, bilateralism did not promote trade in the 19th century.

Publié en 2005-12 Collection CEPR Discussion paper : n°5398
0
vues

0
téléchargements
This paper discusses the existence of 'home' biases in the 19th century global capital market, whereby colonies appear to have received a 'disproportionate' amount of capital from their metropolis. Starting from a discussion of the Bulow Rogoff (1989) problem, we argue that imperial links provided a natural institutional framework to make pre-commitment credible by ensuring an adequate degree of willingness to pay. This was not because imperial rule provided coercion or punishment, but rather because it supplied a legal framework that effectively suppressed the « sovereign » nature of colonial debts. We conclude that the greater facility with which capital migrated in the 19th century has much to do with the fact that colonies were more akin to the 'regions' of modern countries.

4
vues

0
téléchargements
Conventional studies of the late-nineteenth-century international monetary system refer heuristically to “core” and “peripheral” countries. In this article, we seek to provide rigorous foundations to such expressions. Applying a formal procedure borrowed from network analysis produces indices of centrality and systematic rankings. We show that the international monetary system of the late nineteenth century is best described as a three-tier system. Other findings include the discovery of a closely knitted European foreign exchange system, a complete lack of foreign exchange linkages within Latin America, emerging intra-Asian relations, and a fairly late ascendancy of the U.S. dollar.

Publié en 2005-08 Collection CEPR Discussion paper : n°5199
KOMLOS John
0
vues

0
téléchargements
A natural experiment with an exchange-rate band in Austria-Hungary in the early 20th century provides a rare opportunity to discuss critical aspects of the theory of target zones. Providing a new derivation of the target zone model as a set of nested hypotheses, the inference is drawn that policy credibility and market efficiency were paramount in the success of the Austro-Hungarian experience.

Publié en 2005-07 Collection CEPR Discussion paper : n°5129
JOBST Clemens
0
vues

0
téléchargements
This paper provides a new methodology to map international monetary relations in the 19th century. We identify an index of international liquidity and, applying techniques borrowed from formal network analysis (in particular, blockmodelling) we produce a formal ranking of currencies according to their degree of international circulation. The resulting indices are powerful tools to study the logic of the emergence of international currencies, as well as useful controls for cross-section regressions.

60
vues

60
téléchargements
La thèse s'articule autour de deux idées principales : d'une part la mobilité du travail constitue un mécanisme d'ajustement essentiel en régime de change fixe ; d'autre part, le développement des politiques sociales contribue à ralentir le processus d'émigration. L'argumentation s'appuie à la fois sur une réflexion théorique, fondée notamment sur la théorie des zones monétaires optimales, et sur une analyse historique, centrée sur deux époques de l'histoire contemporaine : celle de l'étalon-or et celle de l'entre-deux-guerres. Le chapitre 1 s'attache ainsi à montrer le rôle clé des migrations internationales dans le processus d'ajustement de l'étalon-or. Le chapitre 2 analyse ensuite l'impact de la législation bismarckienne sur l'émigration allemande. Enfin, le chapitre 3 fournit une explication alternative à la chute de l'étalon-or. Au total, l'objectif de la thèse est de montrer l'existence d'un trilemme de politique économique entre migrations internationales, régimes de change et politiques sociales.

Suivant