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The Morgan-Belmont Syndicate of 1895 and Intervention in the Foreign-Exchange Market

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  • Simon, Matthew

Abstract

In response to crisis conditions, and for eight months during 1895, the American government subcontracted its responsibility for the maintenance of monetary stability to a private syndicate of businessmen. This action and its results challenged both political and economic orthodoxy and represent one of the most important episodes in government-business relations during the nineteenth century. While previous studies of the Morgan-Belmont syndicate have emphasized its political and social costs, Professor Simon's concerns are to clarify and weigh the economic benefits of this remarkable arrangement.

Suggested Citation

  • Simon, Matthew, 1968. "The Morgan-Belmont Syndicate of 1895 and Intervention in the Foreign-Exchange Market," Business History Review, Cambridge University Press, vol. 42(4), pages 385-417, January.
    • Handle: RePEc:cup:buhirw:v:42:y:1968:i:04:p:385-417_01
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    Cited by:

    1. Paul Hallwood, C. & MacDonald, Ronald & Marsh, Ian W., 2000. "Realignment expectations and the US dollar, 1890-1897: Was there a 'Peso problem'?," Journal of Monetary Economics, Elsevier, vol. 46(3), pages 605-620, December.

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