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Central Bank Cooperation in Historical Perspective: A Sceptical View

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  • Marc Flandreau

Abstract

It has been argued that central bank cooperation was important to the working of the gold standard before 1914. This article takes a critical view of the central bank cooperation thesis and, relying on new archival research as well as on secondary sources, offers an alternative picture of central bank relations during the nineteenth century. Central bank cooperation was exceptionally never reciprocal and always failed to institutionalize: scholars seeking to explain the stability of the gold standard will have to look in other directions
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  • Marc Flandreau, 1997. "Central Bank Cooperation in Historical Perspective: A Sceptical View," Economic History Review, Economic History Society, vol. 50(4), pages 735-763, November.
  • Handle: RePEc:bla:ehsrev:v:50:y:1997:i:4:p:735-763
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    File URL: http://hdl.handle.net/10.1111/1468-0289.00076
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    Cited by:

    1. Michael D. Bordo & John S. Landon-Lane, 2010. "The Global Financial Crisis of 2007-08: Is it Unprecedented?," NBER Working Papers 16589, National Bureau of Economic Research, Inc.
    2. Michael Bordo & Robert N McCauley, 2017. "Triffin: dilemma or myth?," BIS Working Papers 684, Bank for International Settlements.
    3. Stefano Ugolini, 2011. "Foreign exchange reserve management in the 19th century: The National Bank of Belgium in the 1850s," Working Paper 2011/07, Norges Bank.
    4. Marc Flandreau, 2003. "Crises and Punishment : Moral Hazard and the pre-1914 international financial architecture," Sciences Po publications n°3742, Sciences Po.
    5. Bordo, Michael D. & Schwartz, Anna J., 1999. "Under what circumstances, past and present, have international rescues of countries in financial distress been successful?," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 683-708, August.
    6. Larry Neal & Marc D. Weidenmier, 2001. "Crises in The Global Economy from Tulips to Today: Contagion and Consequences," Claremont Colleges Working Papers 2001-32, Claremont Colleges.
    7. Calomiris, Charles W. & Flandreau, Marc & Laeven, Luc, 2016. "Political foundations of the lender of last resort: A global historical narrative," Journal of Financial Intermediation, Elsevier, vol. 28(C), pages 48-65.
    8. Michele Fratianni & Andreas Hauskrecht, 1998. "From the Gold Standard to a Bipolar Monetary System," Open Economies Review, Springer, vol. 9(1), pages 609-636, January.
    9. Flandreau, Marc, 1998. "Caveat Emptor: Coping With Sovereign Risk Without the Multilaterals," CEPR Discussion Papers 2004, C.E.P.R. Discussion Papers.
    10. Richard S. Grossman & Hugh Rockoff, 2015. "Fighting the Last War: economists on the lender of last resort," Departmental Working Papers 201515, Rutgers University, Department of Economics.
    11. Laurent Le Maux & Laurence Scialom, 2013. "Central banks and financial stability: rediscovering the lender-of-last-resort practice in a finance economy," Cambridge Journal of Economics, Oxford University Press, vol. 37(1), pages 1-16.
    12. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093, April.
    13. Guillaume Bazot & Michael D. Bordo & Eric Monnet, 2014. "The Price of Stability: The balance sheet policy of the Banque de France and the Gold Standard (1880-1914)," NBER Working Papers 20554, National Bureau of Economic Research, Inc.
    14. Jérôme Sgard, 2004. "IMF in Theory: Sovereign Debts, Judicialisation and Multilateralism," Working Papers hal-01065546, HAL.
    15. Barry Eichengreen, 2013. "International Policy Coordination: The Long View," NBER Chapters,in: Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century, pages 43-82 National Bureau of Economic Research, Inc.
    16. Bazot, Guillaume & Bordo, Michael D. & Monnet, Eric, 2016. "International shocks and the balance sheet of the Bank of France under the classical gold standard," Explorations in Economic History, Elsevier, vol. 62(C), pages 87-107.
    17. Jérôme Sgard, 2004. "IMF in Theory: Sovereign Debts, Judicialisation and Multilateralism," Sciences Po publications 2004-21, Sciences Po.
    18. Michael D. Bordo & John S. Landon-Lane, 2012. "The Global Financial Crisis: Is It Unprecedented?," Chapters,in: Global Economic Crisis, chapter 2 Edward Elgar Publishing.
    19. Claude Diebolt & Antoine Parent, 2006. "Were there Anomalies in the Sterling-Franc Exchange Rate Regulation during the Mid-19th Century?," Working Papers 06-08, Association Française de Cliométrie (AFC).
    20. Barry Eichengreen, 2002. "Still Fettered After All These Years," NBER Working Papers 9276, National Bureau of Economic Research, Inc.
    21. Claudio E. V. Borio & Gianni Toniolo, 2006. "One hundred and thirty years of central bank cooperation: a BIS perspective," BIS Working Papers 197, Bank for International Settlements.

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