The Operations of the Bank of England, 1890-1908: A Dynamic Probit Approach
This paper analyzes the workings of the pre-World War I gold standard using weekly data and a dynamic probit econometric technique. The authors' evidence sheds light on three potentially conflicting motivations underlying bank rate changes: profitability, convertibility, and concern for home trade. The conflict among these goals manifests itself in the Bank's asymmetric responses to inflows and outflows of gold and in the Bank's asymmetric responses to changes in market interest rates. The authors' results are consistent with the view that central bank cooperation played an important role in the workings of the gold standard. Copyright 1995 by Ohio State University Press.
Volume (Year): 27 (1995)
Issue (Month): 4 (November)
|Contact details of provider:|| Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879|
When requesting a correction, please mention this item's handle: RePEc:mcb:jmoncb:v:27:y:1995:i:4:p:1099-1112. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.