Arbeitspapier
The International Monetary System, 1844-1870: Arbitrage, Efficiency, Liquidity
This paper analyses the architecture of the international monetary system which preceded the international gold standard (1844-1870). It builds on a newly-created database made up of more than 100,000 weekly observations on exchange rates, interest rates, and bullion prices in the world's six most important financial centers of the time. Market integration, substitutability of money market instruments, choice of the correct monetary standard reference, and currency liquidity are tested; moreover, an historical analysis is run, with special reference to financial crises. Contrary to received wisdom, the results point to a trend towards increasing multipolarism in the international monetary system before 1870.
- ISBN
-
978-82-7553-580-9
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 2010/23
- Klassifikation
-
Wirtschaft
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Foreign Exchange
Economic History: Financial Markets and Institutions: General, International, or Comparative
- Thema
-
international monetary system
financial integration
money markets
bimetallism
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Ugolini, Stefano
- Ereignis
-
Veröffentlichung
- (wer)
-
Norges Bank
- (wo)
-
Oslo
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Ugolini, Stefano
- Norges Bank
Entstanden
- 2010
Ähnliche Objekte (12)
The rationale for central bank liquidity insurance and liquidity regulation
Ownership Structure and Stock Market Liquidity
Bond Liquidity at the Oslo Stock Exchange
Liquidity indicators for the Norwegian government bond market
On the Concavity of the Consumption Function with Liquidity Constraints
Monetary Policy in Real Time
Financial Crises and Monetary Expansion
Liquidity Management and Central Bank Strength: Bank of England Operations Reloaded, 1889-1910
Robustifying Optimal Monetary Policy in Norway
The Daily Liquidity Effect in a Floor System - Empirical Evidence from the Norwegian Market
On the Design of Monetary Policy Committees
Monetary Policy and the Illusionary Exchange Rate Puzzle
The rationale for central bank liquidity insurance and liquidity regulation
Ownership Structure and Stock Market Liquidity
Bond Liquidity at the Oslo Stock Exchange
Liquidity indicators for the Norwegian government bond market
On the Concavity of the Consumption Function with Liquidity Constraints
Monetary Policy in Real Time
Financial Crises and Monetary Expansion
Liquidity Management and Central Bank Strength: Bank of England Operations Reloaded, 1889-1910
Robustifying Optimal Monetary Policy in Norway
The Daily Liquidity Effect in a Floor System - Empirical Evidence from the Norwegian Market
On the Design of Monetary Policy Committees
Monetary Policy and the Illusionary Exchange Rate Puzzle
The rationale for central bank liquidity insurance and liquidity regulation
Ownership Structure and Stock Market Liquidity
Bond Liquidity at the Oslo Stock Exchange
Liquidity indicators for the Norwegian government bond market
On the Concavity of the Consumption Function with Liquidity Constraints
Monetary Policy in Real Time
Financial Crises and Monetary Expansion
Liquidity Management and Central Bank Strength: Bank of England Operations Reloaded, 1889-1910
Robustifying Optimal Monetary Policy in Norway
The Daily Liquidity Effect in a Floor System - Empirical Evidence from the Norwegian Market
On the Design of Monetary Policy Committees