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  • KOMLOS John (7)
  • LE CACHEUX Jacques (4)
  • JOBST Clemens (3)
  • ZUMER Frédéric (3)
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  • Article (26)
  • Working paper (20)
  • Part or chapter of a book (14)
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in Auf Heller und Cent. Beiträge zur Finanz- und Währungsgeschichte Publication date 2001
KOMLOS John
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We explore the history of the Austro-Hungarian currency through the floating exchange rate regime of the 1870s and 1880s and the adoption of the gold standard in 1892. Though actual convertibility remained an elusive dream, the A-H Bank was able to stabilise the currency by establishing a credible (de facto) shadow-gold standard by 1896. Though the currency fluctuated by as much as 7% per annum before 1896, credibility was established very quickly, and thereafter the currency was successfully kept within an informal target zone of 0.4%, despite of the well-known internal (and external) political problems of the monarchy and in spite of a number of major financial crisis of foreign origin. This remarkable record positions the Dual Monarchy squarely in between the elite core and the plebeian peripheral countries of the time.

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.

in Other People’s Money Publication date 2005
SUSSMAN Nathan
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Publication date 2003
HOLTFRERICH Carl-Ludwig
JAMES Harold Douglas
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The essays, written by leading experts, examine the history of the international financial system in terms of the debate about globalization and its limits. In the nineteenth century, international markets existed without international institutions. A response to the problems of capital flows came in the form of attempts to regulate national capital markets (for instance through the establishment of central banks). In the inter-war years, there were (largely unsuccessful) attempts at designing a genuine international trade and monetary system; and at the same time (coincidentally) the system collapsed. In the post-1945 era, the intended design effort was infinitely more successful. The development of large international capital markets since the 1960s, however, increasingly frustrated attempts at international control. The emphasis has shifted in consequence to debates about increasing the transparency and effectiveness of markets; but these are exactly the issues that already dominated the nineteenth-century discussions. (Publisher's abstract)

in Economie et politique Publication date 2004-07
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in Politiques et pratiques des banques d'émission en Europe (XVIIe-XXe siècles). Le bicentenaire de la Banque de France dans la perspective de l'identité monétaire européenne Publication date 2003
SICSIC Pierre
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in Journal of European Economic History Publication date 1995
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Scholars have traditionally argued that the stock of specie in circulation in France in the 19th century was considerable and that this "financial backwardness" accounted for France's slower economic growth in that century. Scholars have also claimed that the French bimetallic system was inherently unstable. It is true that until the 1880's, gold and silver coinage formed the main portion of French monetary stock, perhaps as much as 52% in 1885, but the supposition that this somehow hindered French industrialization requires correction. This is especially true given the fact that no precise figures for the annual monetary stock had existed until recently. As a result of new estimates, two periods of specie can be detected: 1830-52 (predominant silver coinage) and 1853-66 (predominant gold coinage as a result of the depreciation of gold). In general, by the 1850's the stock of specie in circulation was much smaller than conventionally believed and did not exceed by much that in Great Britain. There is no reason to believe that the French bimetallic system adversely affected the French economy.

Publication date 2004
ZUMER Frédéric
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This book traces the roots of global financial integration in the first "modern" era of globalisation from 1880 to 1913. It analyses the direction, destinations and origins of international financial flows in order to determine the domestic policy choices that either attracted or deterred such flows to developing countries. The book deposes the idea that the gold standard and other institutional arrangements were the key to attracting foreign investment, pointing to the stability and probity of political systems as much more important. One of the major conclusions is that the successful management of international financial integration depends primarily on broad institutional and political factors, as well as on financial policies, rather than simply opening or closing individual economies to the international winds. The Making of Global Finance: 1880-1913 can serve as a valuable tool to current-day policy dilemmas by using historical data to see which policies in the past led to enhanced international financing for development. It also includes historical data that will interest all scholars of economics and economic history, as well as the casual reader.

in Currency Convertibility : the Gold Standard and Beyond Publication date 1996
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In this paper we chart the geography of the gold standard. We highlight the late date of the move to gold and the variety of transition strategies. Whether a country with a currency convertible into specie operated a gold, silver or bimetallic standard at mid-century depended not so much on whether it was rich or poor as on the monetary standard of the foreign country or countries to which its transactions were linked. When it came to the distinction between specie convertibility and inconvertibility, however, domestic economic conditions came into play. In particular, there was a strong correlation between economic development, as proxied by the level of per capita incomes, and possession of a convertible currency.Most countries went onto the gold standard between the 1870s and the first decade of the twentieth century. We enumerate the factors propelling this transition and analyse variations in its timing. Factors shaping the course of this transition include the level of economic development, the magnitude of reserves relative to world specie markets, whether reserves were concentrated at the central bank, and the presence or absence of imperial ties.

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