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„What did guide investors decisions” during the classical gold standard era? The case of Ottoman Empire, 1880-1914

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  • Ali Coskun Tuncer

    (LSE and Ondokuz Mayis University)

Abstract

It has been conventionally argued that the gold standard, as a “good housekeeping seal of approval”, provided an easy access to the international financial markets for the peripheral countries during the classical gold standard era. This paper, by relying on the Ottoman case, questions the importance of the gold-related monetary regime (limping gold standard) as a determinant of investors’ decisions, and attempts to answer the question of “what did guide the investors’ decisions” by relying on the revisionist gold standard literature and historical data. It is concluded that International Financial Control exercised by the representatives of the creditors on the Ottoman finances was an important determinant of the cost of borrowing which was neglected by the literature.

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Bibliographic Info

Paper provided by National Bank of Serbia in its series SEEMHN papers with number 2.

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Length: 3o pages
Date of creation: Mar 2009
Date of revision:
Handle: RePEc:nsb:seemhn:2

Note: The paper was presented at the Fourth Annual SEEMHN Conference hosted by the National Bank of Serbia, 27 March 2009 in Belgrade.
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Keywords: Limping Gold Standard; Peripheries; The Ottoman Empire; International Financial Control; Sovereign Debt;

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References

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  1. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
  2. Bordo Michael D. & Kydland Finn E., 1995. "The Gold Standard As a Rule: An Essay in Exploration," Explorations in Economic History, Elsevier, vol. 32(4), pages 423-464, October.
  3. Beck, T.H.L. & Levine, R., 2005. "Legal institutions and financial development," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3508406, Tilburg University.
  4. Michael D. Bordo & Marc Flandreau, 2003. "Core, Periphery, Exchange Rate Regimes, and Globalization," NBER Chapters, in: Globalization in Historical Perspective, pages 417-472 National Bureau of Economic Research, Inc.
  5. Kris James Mitchener & Marc D. Weidenmier, 2005. "Supersanctions and Sovereign Debt Repayment," NBER Working Papers 11472, National Bureau of Economic Research, Inc.
  6. Accominotti, Olivier & Flandreau, Marc & Rezzik, Riad & Zumer, Frédéric, 2008. "Black Man’s Burden: Measured Philanthropy in the British Empire, 1880-1913," CEPR Discussion Papers 6811, C.E.P.R. Discussion Papers.
  7. Lopez-Cordova, J. Ernesto & Meissner, Chris, 2000. "Exchange-Rate Regimes and International Trade: Evidence from the Classical Gold Standard Era," Center for International and Development Economics Research, Working Paper Series qt1b04r034, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
  8. Matias Vernengo, 2003. "The Gold Standard and Center-Periphery Interactions," Working Paper Series, Department of Economics, University of Utah 2003_10, University of Utah, Department of Economics.
  9. Luis Catão & Solomos Solomou, 2003. "Exchange Rates in the Periphery and International Adjustment Under the Gold Standard," IMF Working Papers 03/41, International Monetary Fund.
  10. repec:spo:wpecon:info:hdl:2441/622 is not listed on IDEAS
  11. Rui Pedro Esteves, 2007. "Quis custodiet quem? Sovereign Debt and Bondholders` Protection Before 1914," Economics Series Working Papers 323, University of Oxford, Department of Economics.
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