scholarly journals La Banque du Canada était-elle nécessaire?

2009 ◽  
Vol 59 (3) ◽  
pp. 551-574 ◽  
Author(s):  
Derek Chisholm
Keyword(s):  
Central Bank ◽  
Gold Standard ◽  
Canadian Government ◽  
Monetary Control ◽  
New Evidence ◽  
Standard Regime

Abstract Traditional historiography has inferred that the Canadian government has failed to exercise control over the issue of high powered money during the interwar gold standard period. From this, it was concluded that the Canadian monetary constitution required modifications through the establishment of a central bank. This paper provides new evidence that the Canadian government did exercise monetary control during the period of the interwar gold standard regime and that Canada's record of adherence to the gold standard rules compares favourably with the performance of several other countries.

Real Bills, The Gold Standard, and Central Bank Policy

1976 ◽  
Vol 50 (4) ◽  
pp. 503-513 ◽  
Author(s):  
Robert Craig West
Keyword(s):  
Central Bank ◽  
Discount Rate ◽  
Real World ◽  
Federal Reserve ◽  
Economic Activity ◽  
Gold Standard ◽  
Government Regulation ◽  
International Exchange ◽  
The Real ◽  
The Past

Students of the origins and accomplishments of government regulation of economic activity have open suspected that the laws on which regulation is based were addressed to problems and conditions of the past that no longer prevailed, or — what is worse — assumptions about the “real world” that are highly unrealistic. This is Professor West's main conclusion about the Federal Reserve Act of 1913, especially as regards its discount rate and international exchange policies.

Walter Bagehot’s Lombard Street: An Interpretation

2019 ◽  
Vol 51 (4) ◽  
pp. 572-580
Author(s):  
Laurence Alan Krause
Keyword(s):  
Central Bank ◽  
Gold Standard ◽  
Foreign Capital ◽  
Theoretical Framework ◽  
Credit System ◽  
Policy Regime ◽  
Policy Rules ◽  
Speculative Attack ◽  
The Right ◽  
Jel Classifications

Walter Bagehot’s contribution to macroeconomics in Lombard Street is misunderstood and underappreciated. To remedy this, I reinterpret his work, including his famous policy “rules,” by piecing together his larger theoretical framework. That framework incorporates: (1) a “Lombard Street” economy, consisting of a permissive lending system, capitalists in need of credit, and a financial center which attracts large inflows of foreign capital; (2) a rigid policy regime built on a gold standard; and (3) a central bank with a dual objective of keeping the nation’s currency convertible into gold and backstopping a crisis-prone economy. Bagehot argues that an economy with this structure is vulnerable to two distinct crises. The first is a speculative attack on the gold standard by foreigners, as they seek to convert their money into gold. And the second is a run on the credit system by nervous participants. Guided by the “right principles,” Bagehot insists that an active central bank can both preserve the gold standard and prevent recurrent financial panics. JEL Classifications: B31, E58, N23

‘Putting Mexico on its feet again’: the Kemmerer mission in Mexico, 1917–1931

2019 ◽  
Vol 26 (2) ◽  
pp. 223-246
Author(s):  
Gianandrea Nodari
Keyword(s):  
Central Bank ◽  
Great Depression ◽  
Gold Standard ◽  
Economic Knowledge ◽  
Tax System ◽  
Financial Advisor ◽  
Economic Elite ◽  
Total Failure ◽  
The Subject ◽  
Institutional Features

This article scrutinizes the results of the mission carried out by Edwin Walter Kemmerer in Mexico during 1917. Based on unpublished materials from his private archive, as well as other Mexican archives, this article analyses the process of approval, installation and implementation of the reforms introduced by Kemmerer's mission in Mexico. It is argued that Kemmerer's work as a financial advisor for Venustiano Carranza was not a total failure, as the existing literature on the subject claims. Indeed, on the eve of Great Depression, Mexico exhibited the main institutional features of ‘Kemmererized’ countries: a central bank, the gold standard and a centralized tax system. It is also suggested that the economic knowledge brought into the country by the money doctor moulded the ideological foundation of the new financial and economic elite of revolutionary Mexico.

THE CREDITANSTALT CRISIS OF 1931 AND THE FAILURE OF THE AUSTRO-GERMAN CUSTOMS UNION PROJECT

2001 ◽  
Vol 44 (1) ◽  
pp. 199-221 ◽  
Author(s):  
IAGO GIL AGUADO
Keyword(s):  
Central Bank ◽  
Customs Union ◽  
Financial History ◽  
Bank Of England ◽  
History Of ◽  
Set Up ◽  
New Evidence ◽  
Financial Diplomacy ◽  
The Relationship ◽  
Union Project

This article reveals that the diplomatic and financial history of 1931 was even more turbulent than believed to date. New documents found at the Bank of England show that an intricate system of cross-deposits was set up by the Austrian Central Bank covertly to direct funds to the Creditanstalt via American and British banks – to compensate it for taking over the bankrupt Bodencreditanstalt – suggesting that the received accounts of the collapse of the Creditanstalt need to be revised. Further, documents have come to light which show that France exacerbated the 1931 run on the Austrian schilling in order to force Austria to abandon the Austro-German customs union project of that year. This article considers the relationship between the collapse of the Creditanstalt and the abandonment of the Austro-German customs union, incorporating the new evidence to provide a novel interpretation of the financial diplomacy of that year.

Sign in / Sign up

Export Citation Format

Share Document