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Crisis Chronicles: The British Export Bubble of 1810 and Pegged versus Floating Exchange Rates

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Abstract

In the early 1800s, Napoleon’s plan to defeat Britain was to destroy its ability to trade. The plan, however, was initially foiled. After Britain helped the Portuguese government flee Napoleon in 1807, the Portuguese returned the favor by opening Brazil to British exports—a move that caused trade to boom. In addition, Britain was able to circumvent Napoleon’s continental blockade by means of a North Sea route through the Baltics, which provided continental Europe with a conduit for commodities from the Americas. But when Britain’s trade via the North Sea was interrupted in 1810, the boom ended in crisis. In this edition of Crisis Chronicles, we explore the British Export Bubble of 1810 and ask whether pegged or floating exchange rates are better for an economy.

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  • Donald P. Morgan & James Narron & David R. Skeie, 2014. "Crisis Chronicles: The British Export Bubble of 1810 and Pegged versus Floating Exchange Rates," Liberty Street Economics 20140905, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86970
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    More about this item

    Keywords

    floating exchange rates; exports; fixed exchange rates;
    All these keywords.

    JEL classification:

    • F00 - International Economics - - General - - - General
    • G1 - Financial Economics - - General Financial Markets
    • N2 - Economic History - - Financial Markets and Institutions

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