DOCSLIB.ORG

Central Bank Reform, Spatial Diversity and Monetary Policy in Germany, 1876-1890

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Central Bank Reform, Spatial Diversity and Monetary Policy in Germany, 1876-1890 Central bank reform, spatial diversity and monetary policy in Germany, 1876-1890 Ousmène Jacques Mandeng A thesis submitted to the Department of Economic History of the London School of Economics and Political Science for the degree Doctor of Philosophy June 2019 Declaration I certify that the thesis I have presented for examination for the PhD degree of the London School of Economics and Political Science is solely my own work. The copyright of this thesis rests with the author. Quotation from it is permitted, provided that full acknowledgement is made. This thesis may not be reproduced without my prior written consent. I warrant that this authorisation does not, to the best of my belief, infringe the rights of any third party. I declare that my thesis consists of 45322 words excluding references, appendices and figure and table contents. 2 Abstract “One size does not fit all.” The aim of the thesis is to investigate conduct, impact and spatial dimension of monetary policy in Germany in 1876-90. Germany established one of the most successful monetary unions in the nineteenth century amid strong economic growth and stable bank note issuance. Yet, the role of monetary policy during its early years remains largely unexplored. This may lead to an incomplete understanding of the relationship between monetary policy and economic developments in the latter part of nineteenth century Germany. The 1875 bank act (Bankgesetz) in Germany, following introduction of a single currency and the gold standard, adopted a unique mixed central banking system with the German Imperial Bank (Reichsbank) at federal and the private banks of issue (Privatnotenbanken) at federal state level. The thesis analyses monetary policy with emphasis on the monetary policy framework, transmission mechanism and reaction function. The findings show that competition between the Reichsbank and Privatnotenbanken influenced monetary policy conduct and established the stability conditions of the system; that the Reichsbank’s monetary policy was effective but had an undue negative impact on output while the impact of the Privatnotenbanken was mixed highlighting some scope for monetary policy spatial differentiation; and that the Reichsbank maintained considerable monetary policy discretion and acted more in line with a commitment under reputational forces than the rules of the game of the classical gold standard. The thesis uses new monthly bank balance sheet, economic and financial data and employs advanced statistical estimation techniques based on structural vector autoregression models. The study relies extensively on narrative accounts based on archival parliamentary records and new Reichsbank reports. Nineteenth century Germany offers important lessons for the establishment of central banking in monetary unions and conduct of monetary policy under spatial diversity and reveals that decentralisation in a monetary union can be effective. JEL Classification: E52, E58, F45, N23 Keywords: Reichsbank, Privatnotenbanken, monetary policy, monetary unions, central bank organisation. 3 Acknowledgements The Department of Economic History at the LSE offered a truly enjoyable, inspiring and stimulating environment. I thank my supervisor Olivier Accominotti and advisor Oliver Volckart. The comments received from Albrecht Ritschl, Joan Roses and Max Schulze as part of the LSE Graduate Review Committee process were very helpful. Natasha Postel-Vinay provided most helpful comments on my final revisions. I’m grateful to Neil Cummins for his support towards the examination. I greatly appreciate the decision of my PhD examiners Claude Diebolt and Ulrich Volz for having passed the thesis with no need for corrections. Ben Veal and David Pavon-Prado offered many constructive observations. Mattia Bertazzini and Sandra de Pleijt kindly commented on earlier drafts of my thesis. I’m thankful to Barry Eichengreen and Harold James who kindly supported my application to do a PhD. I benefitted greatly from discussions on the presentations of the different papers held at the LSE Graduate Review Workshops, Centre for Financial History at Darwin College, Cambridge, Oxford Graduate Seminar in Economic and Social History, LSE Graduate Economic History Seminar, World Congress of Cliometrics, European Historical Association Annual Meeting and Economic History Society Annual Conference. I obtained valuable assistance with the collection of data by the staff of the Geheimes Staatsarchiv Preußischer Kulturbesitz, Berlin; Bundesarchiv Berlin- Lichterfelde, Berlin; Forschungslesesaal of the Jacob-und-Wilhelm Grimm- Zentrum of the Humboldt University, Berlin; Bücherei of the Reiss-Engelhorn- Museen, Mannheim; Hessisches Wirtschaftsarchiv, Darmstadt; Gruppe Alte Drucke Georg-August-Universität, Göttingen. The Landesarchiv Baden- Württemberg Hauptstaatsarchiv, Stuttgart helpfully undertook reproductions of the reports of the Reichsbankkuratorium. I was kindly allowed flexible access to the archives of the Otto von Bismarck Stiftung, Friedrichsruh. 4 Max Martens assisted with the digitalisations of the financial and economic data. Michael Blümel transcribed the old-German script into Latin script. I’m deeply indebted to my wife Marion for her relentless patience, encouragement and support and to my children Pia, Jil and Kim for having had to suffer a dad returning to school. 5 Contents Declaration .......................................................................................................... 2 Abstract ............................................................................................................... 3 Acknowledgements ............................................................................................. 4 Contents .............................................................................................................. 6 0. Introduction ............................................................................................ 10 0.1. Literature review ............................................................................ 15 0.2. Political and economic developments in Germany, 1815-90 ........ 20 0.3. Monetary developments, 1830-1890 .............................................. 25 0.4. International central banking developments, 1844-1913 ............ 32 0.5. 1875 bank act .................................................................................. 35 0.6. Sources............................................................................................. 48 0.7. Appendix .......................................................................................... 62 0.8. References ....................................................................................... 64 1. The Reichsbank, central banking competition and monetary stability in Germany, 1876-1890 ........................................................................................ 70 1.1. Introduction ..................................................................................... 70 1.2. Central banking competition ......................................................... 73 1.3. Central bank operations ................................................................. 77 1.4. Statistical analysis ......................................................................... 87 1.5. Conclusions ................................................................................... 100 1.6. References ..................................................................................... 103 2. Monetary policy transmission and regional monetary policy differentiation in Germany, 1876-1890 ......................................................... 107 2.1. Introduction ................................................................................... 107 2.2. Monetary policy transmission ...................................................... 109 2.3. Economic development and spatial diversity .............................. 113 2.4. Statistical analysis ....................................................................... 118 2.5. Conclusions ................................................................................... 133 2.6. References ..................................................................................... 136 6 3. The Reichsbank, commitment credibility and the rules of the game, 1876-1890 ........................................................................................................ 141 3.1. Introduction ................................................................................... 141 3.2. Rules of the game .......................................................................... 144 3.3. The Reichsbank’s monetary policy views .................................... 147 3.4. Statistical analysis ....................................................................... 152 3.5. Conclusions ................................................................................... 166 3.6. References ..................................................................................... 170 4. Conclusion ............................................................................................. 174 List of figures Figure 0-1. German Confederation 1815-1866 ............................................... 21 Figure 0-2. Output ............................................................................................ 23 Figure 0-3. Prices ............................................................................................. 23 Figure 0-4. Industrialisation ..........................................................................
Load more

Recommended publications
  • Star Wars: the Fascism Awakens Representation and Its Failure from the Weimar Republic to the Galactic Senate Chapman Rackaway University of West Georgia
    STAR WARS: THE FASCISM AWAKENS 7 Star Wars: The Fascism Awakens Representation and its Failure from the Weimar Republic to the Galactic Senate Chapman Rackaway University of West Georgia Whether in science fiction or the establishment of an earthly democracy, constitutional design matters especially in the realm of representation. Democracies, no matter how strong or fragile, can fail under the influence of a poorly constructed representation plan. Two strong examples of representational failure emerge from the post-WWI Weimar Republic and the Galactic Republic’s Senate from the Star Wars saga. Both legislatures featured a combination of overbroad representation without minimum thresholds for minor parties to be elected to the legislature and multiple non- citizen constituencies represented in the body. As a result both the Weimar Reichstag and the Galactic Senate fell prey to a power-hungry manipulating zealot who used the divisions within their legislature to accumulate power. As a result, both democracies failed and became tyrannical governments under despotic leaders who eventually would be removed but only after wars of massive casualties. Representation matters, and both the Weimer legislature and Galactic Senate show the problems in designing democratic governments to fairly represent diverse populations while simultaneously limiting the ability of fringe groups to emerge. “The only thing necessary for the triumph of representative democracies. A poor evil is for good men to do nothing.” constitutional design can even lead to tyranny. – Edmund Burke (1848) Among the flaws most potentially damaging to a republic is a faulty representational “So this is how liberty dies … with structure. Republics can actually build too thunderous applause.” - Padme Amidala (Star much representation into their structures, the Wars: Episode III Revenge of the Sith, 2005) result of which is tyranny as a byproduct of democratic failure.
    [Show full text]
  • Note on Gold Operations Involving the Bank for International Settlements and the German Reichsbank, 1St September 1939 - 8Th May 1945
    BANK FOR INTERNATIONAL SETTLEMENTS NOTE ON GOLD OPERATIONS INVOLVING THE BANK FOR INTERNATIONAL SETTLEMENTS AND THE GERMAN REICHSBANK, 1ST SEPTEMBER 1939 - 8TH MAY 1945 Basle 12th May 1997 This publication is available on the BIS World Wide Web site (http://www.bis.org). © Bank for International Settlements 1997. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. TABLE OF CONTENTS 1. SCOPE OF THE REPORT AND OVERVIEW p.1 1.1 Scope of this report 1.2 Summary of gold transactions for the account of the Reichsbank 2. GOLD CREDITED TO THE REICHSBANK ACCOUNTS WITH THE BIS p.4 2.1 Opening balance on 1st September 1939 2.2 New gold deposited with the BIS by the Reichsbank during the war 2.3 International postal payments received on behalf of the Reichsbank 2.4 Gold sold by the BIS to the Reichsbank 2.5 Summary: total amount of gold credited to the Reichsbank accounts with the BIS 3. GOLD DEBITED FROM THE REICHSBANK ACCOUNTS WITH THE BIS p.8 3.1 Interest payments on pre-war BIS investments in Germany 3.2 International postal payments paid for the account of the Reichsbank 3.3 Payments in gold to the Yugoslav Railway Administration 3.4 Gold sold by the Reichsbank to the BIS 3.5 Gold withdrawn by the Reichsbank from its gold accounts with the BIS 3.6 Summary: total amount of gold debited from Reichsbank accounts with the BIS 4. POSTWAR INVESTIGATION INTO THE WHEREABOUTS OF THE GOLD p.11 BARS DEPOSITED BY THE REICHSBANK WITH THE BIS DURING THE WAR 5.
    [Show full text]
  • German Politics and the 'Jewish Question', 1914-1919
    German Politics and the 'Jewish Question', 1914-1919 Lucia Juliette Linares Darwin College Dissertation submitted for the degree of Doctor of Philosophy August 2019 PREFACE I hereby declare that this dissertation is the result of my own work and includes nothing which is the outcome of work done in collaboration except as declared in the preface and specified in the text. It is not substantially the same as any other work that I have submitted, or, is being concurrently submitted for a degree or diploma or other qualification at the University of Cambridge or any other university or similar institution except as declared in the preface and specified in the text. I further state that no substantial part of my dissertation has already been submitted, or, is being concurrently submitted for any such degree, diploma or other qualification at the University of Cambridge or any other university or similar institution except as declared in the preface and specified in the text. It does not exceed the prescribed word limit for the Faculty of History. All translations are my own unless specified in the text. i ABSTRACT German Politics and the 'Jewish Question', 1914-1919 Lucia Juliette Linares The First World War confronted German politicians with a range of unprecedented, vital questions in the spheres of domestic as well as foreign policy. As the fortunes of war shifted, so did borders, populations and national allegiances. In a period of acute and almost constant political crisis, the German government faced issues concerning citizenship, minority rights, religious identity, nationhood and statehood. My dissertation analyses these issues through the prism of the so-called 'Jewish Question'.
    [Show full text]
  • Nazi Privatization in 1930S Germany1 by GERMÀ BEL
    Economic History Review (2009) Against the mainstream: Nazi privatization in 1930s Germany1 By GERMÀ BEL Nationalization was particularly important in the early 1930s in Germany.The state took over a large industrial concern, large commercial banks, and other minor firms. In the mid-1930s, the Nazi regime transferred public ownership to the private sector. In doing so, they went against the mainstream trends in western capitalistic countries, none of which systematically reprivatized firms during the 1930s. Privatization was used as a political tool to enhance support for the government and for the Nazi Party. In addition, growing financial restrictions because of the cost of the rearmament programme provided additional motivations for privatization. rivatization of large parts of the public sector was one of the defining policies Pof the last quarter of the twentieth century. Most scholars have understood privatization as the transfer of government-owned firms and assets to the private sector,2 as well as the delegation to the private sector of the delivery of services previously delivered by the public sector.3 Other scholars have adopted a much broader meaning of privatization, including (besides transfer of public assets and delegation of public services) deregulation, as well as the private funding of services previously delivered without charging the users.4 In any case, modern privatization has been usually accompanied by the removal of state direction and a reliance on the free market. Thus, privatization and market liberalization have usually gone together. Privatizations in Chile and the UK, which began to be implemented in the 1970s and 1980s, are usually considered the first privatization policies in modern history.5 A few researchers have found earlier instances.
    [Show full text]
  • Guides to German Records Microfilmed at Alexandria, Va
    GUIDES TO GERMAN RECORDS MICROFILMED AT ALEXANDRIA, VA. No. 32. Records of the Reich Leader of the SS and Chief of the German Police (Part I) The National Archives National Archives and Records Service General Services Administration Washington: 1961 This finding aid has been prepared by the National Archives as part of its program of facilitating the use of records in its custody. The microfilm described in this guide may be consulted at the National Archives, where it is identified as RG 242, Microfilm Publication T175. To order microfilm, write to the Publications Sales Branch (NEPS), National Archives and Records Service (GSA), Washington, DC 20408. Some of the papers reproduced on the microfilm referred to in this and other guides of the same series may have been of private origin. The fact of their seizure is not believed to divest their original owners of any literary property rights in them. Anyone, therefore, who publishes them in whole or in part without permission of their authors may be held liable for infringement of such literary property rights. Library of Congress Catalog Card No. 58-9982 AMERICA! HISTORICAL ASSOCIATION COMMITTEE fOR THE STUDY OP WAR DOCUMENTS GUIDES TO GERMAN RECOBDS MICROFILMED AT ALEXAM)RIA, VA. No* 32» Records of the Reich Leader of the SS aad Chief of the German Police (HeiehsMhrer SS und Chef der Deutschen Polizei) 1) THE AMERICAN HISTORICAL ASSOCIATION (AHA) COMMITTEE FOR THE STUDY OF WAE DOCUMENTS GUIDES TO GERMAN RECORDS MICROFILMED AT ALEXANDRIA, VA* This is part of a series of Guides prepared
    [Show full text]
  • Report on the Implementation of the 2030 Agenda for Sustainable Development
    Report on the implementation of the 2030 Agenda for sustainable development German Voluntary National Review to the HLPF 2021 1 German Voluntary National Review to the HLPF 2021 All states are called upon to take swifter and more ambitious action to implement the Agenda. With the update to the German Sustainable Development Strategy [adopted in March 2021], the German Government therefore aims to pick up the pace on the path to greater sustainability, both at home and in international cooperation. [...] If we are to achieve the goals of the German Sustainable Development Strategy and the 2030 Agenda for Sustainable Development, we must embark on a truly demanding transformation of key areas such as energy, the circular economy, housing, transport, food and agriculture. In Germany we plan to advance the transformation process by updating our German Sustainable Development Strategy and by harnessing education, research and innovation. (Federal Chancellor Dr. Angela Merkel in her foreword to the updated German Sustainable Development Strategy) German Voluntary National Review to the HLPF 2021 3 4 Content 1. Key messages 7 1.1 The twofold challenge: Pandemic response and the transition to sustainable development for a better and green recovery 8 1.2 Main areas of transition, unhalted by the pandemic response, within the leitmotifs of the 2030 Agenda: People, planet, prosperity, peace and partnership 9 1.3 Joint action; global responsibility; peace and security 14 2. Institutional and procedural aspects 17 3. Important changes 23 4. Pursuit
    [Show full text]
  • Republic of Violence: the German Army and Politics, 1918-1923
    University of Calgary PRISM: University of Calgary's Digital Repository Graduate Studies The Vault: Electronic Theses and Dissertations 2015-09-11 Republic of Violence: The German Army and Politics, 1918-1923 Bucholtz, Matthew N Bucholtz, M. N. (2015). Republic of Violence: The German Army and Politics, 1918-1923 (Unpublished doctoral thesis). University of Calgary, Calgary, AB. doi:10.11575/PRISM/27638 http://hdl.handle.net/11023/2451 doctoral thesis University of Calgary graduate students retain copyright ownership and moral rights for their thesis. You may use this material in any way that is permitted by the Copyright Act or through licensing that has been assigned to the document. For uses that are not allowable under copyright legislation or licensing, you are required to seek permission. Downloaded from PRISM: https://prism.ucalgary.ca UNIVERSITY OF CALGARY Republic of Violence: The German Army and Politics, 1918-1923 By Matthew N. Bucholtz A THESIS SUBMITTED TO THE FACULTY OF GRADUATE STUDIES IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF DOCTOR OF PHILOSOPHY GRADUATE PROGRAM IN HISTORY CALGARY, ALBERTA SEPTEMBER, 2015 © Matthew Bucholtz 2015 Abstract November 1918 did not bring peace to Germany. Although the First World War was over, Germany began a new and violent chapter as an outbreak of civil war threatened to tear the country apart. The birth of the Weimar Republic, Germany’s first democratic government, did not begin smoothly as republican institutions failed to re-establish centralized political and military authority in the wake of the collapse of the imperial regime. Coupled with painful aftershocks from defeat in the Great War, the immediate postwar era had only one consistent force shaping and guiding political and cultural life: violence.
    [Show full text]
  • Germany from Luther to Bismarck
    University of California at San Diego HIEU 132 GERMANY FROM LUTHER TO BISMARCK Fall quarter 2009 #658659 Class meets Tuesdays and Thursdays from 2 until 3:20 in Warren Lecture Hall 2111 Professor Deborah Hertz Humanities and Social Science Building 6024 534 5501 Readers of the papers and examinations: Ms Monique Wiesmueller, [email protected]. Office Hours: Wednesdays 1:30 to 3 and by appointment CONTACTING THE PROFESSOR Please do not contact me by e-mail, but instead speak to me before or after class or on the phone during my office hour. I check the mailbox inside of our web site regularly. In an emergency you may contact the assistant to the Judaic Studies Program, Ms. Dorothy Wagoner at [email protected]; 534 4551. CLASSROOM ETIQUETTE. Please do not eat in class, drinks are acceptable. Please note that you should have your laptops, cell phones, and any other devices turned off during class. Students do too much multi-tasking for 1 the instructor to monitor. Try the simple beauty of a notebook and a pen. If so many students did not shop during class, you could enjoy the privilege of taking notes on your laptops. Power point presentations in class are a gift to those who attend and will not be available on the class web site. Attendance is not taken in class. Come to learn and to discuss. Class texts: All of the texts have been ordered with Groundworks Books in the Old Student Center and have been placed on Library Reserve. We have a systematic problem that Triton Link does not list the Groundworks booklists, but privileges the Price Center Bookstore.
    [Show full text]
  • University of New South Wales 2005 UNIVERSITY of NEW SOUTH WALES Thesis/Project Report Sheet
    BÜRGERTUM OHNE RAUM: German Liberalism and Imperialism, 1848-1884, 1918-1943. Matthew P Fitzpatrick A thesis submitted for the Degree of Doctor of Philosophy University of New South Wales 2005 UNIVERSITY OF NEW SOUTH WALES Thesis/Project Report Sheet Surname or Family name: Fitzpatrick First name: Matthew Other name/s: Peter Abbreviation for degree as given in the University calendar: PhD. School: History Faculty: Arts Title: Bürgertum Ohne Raum: German Liberalism and Imperialism 1848-1884, 1918-1943. Abstract This thesis situates the emergence of German imperialist theory and praxis during the nineteenth century within the context of the ascendancy of German liberalism. It also contends that imperialism was an integral part of a liberal sense of German national identity. It is divided into an introduction, four parts and a set of conclusions. The introduction is a methodological and theoretical orientation. It offers an historiographical overview and places the thesis within the broader historiographical context. It also discusses the utility of post-colonial theory and various theories of nationalism and nation-building. Part One examines the emergence of expansionism within liberal circles prior to and during the period of 1848/ 49. It examines the consolidation of expansionist theory and political practice, particularly as exemplified in the Frankfurt National Assembly and the works of Friedrich List. Part Two examines the persistence of imperialist theorising and praxis in the post-revolutionary era. It scrutinises the role of liberal associations, civil society, the press and the private sector in maintaining expansionist energies up until the 1884 decision to establish state-protected colonies. Part Three focuses on the cultural transmission of imperialist values through the sciences, media and fiction.
    [Show full text]
  • Diplomacy & Statecraft JM Keynes and the Personal Politics of Reparations
    This article was downloaded by: [Professor Stephen Schuker] On: 23 November 2014, At: 19:47 Publisher: Routledge Informa Ltd Registered in England and Wales Registered Number: 1072954 Registered office: Mortimer House, 37-41 Mortimer Street, London W1T 3JH, UK Diplomacy & Statecraft Publication details, including instructions for authors and subscription information: http://www.tandfonline.com/loi/fdps20 J.M. Keynes and the Personal Politics of Reparations: Part 1 Stephen A. Schuker Published online: 30 Aug 2014. To cite this article: Stephen A. Schuker (2014) J.M. Keynes and the Personal Politics of Reparations: Part 1, Diplomacy & Statecraft, 25:3, 453-471, DOI: 10.1080/09592296.2014.936197 To link to this article: http://dx.doi.org/10.1080/09592296.2014.936197 PLEASE SCROLL DOWN FOR ARTICLE Taylor & Francis makes every effort to ensure the accuracy of all the information (the “Content”) contained in the publications on our platform. However, Taylor & Francis, our agents, and our licensors make no representations or warranties whatsoever as to the accuracy, completeness, or suitability for any purpose of the Content. Any opinions and views expressed in this publication are the opinions and views of the authors, and are not the views of or endorsed by Taylor & Francis. The accuracy of the Content should not be relied upon and should be independently verified with primary sources of information. Taylor and Francis shall not be liable for any losses, actions, claims, proceedings, demands, costs, expenses, damages, and other liabilities whatsoever or howsoever caused arising directly or indirectly in connection with, in relation to or arising out of the use of the Content.
    [Show full text]
  • Quellensammlung Zur Geschichte Der Deutschen Sozialpolitik I
    Quellensammlung zur Geschichte der deutschen Sozialpolitik I. Abteilung: Von der Reichsgründungszeit bis zur Kaiserlichen Sozialbotschaft (1867-1881) Kumuliertes Inhaltsverzeichnis [Kopf- und Kurzregest]* der Haupttexte Bde. 1-8 1816 – 1862 17.11.1811 Allgemeine bayerische Verordnung, das Armenwesen betreffend Bd.7, Anh. Nr.1 [Die politische Gemeinde, in der der Arme heimatberechtigt ist, ist zur Armenpflege verpflichtet; Grundsätze über Art, Maß und Voraussetzungen der öffentlichen Armenunterstützung sowie deren Finanzierung und Organisation] 09.03.1839 Regulativ über die Beschäftigung jugendlicher Arbeiter in Fabriken Bd.3, Anh. Nr.1 [Verbot der Kinderarbeit in Fabriken vor dem neunten Lebensjahr; Fabrikarbeiter unter 16 Jahre dürfen höchstens 10 Stunden beschäftigt werden; Verbot der Nachtarbeit und de Arbeit an Sonn- und Feierta- gen für jugendliche Arbeiter] 31.12.1842 Preußisches Gesetz über die Aufnahme neu anziehender Personen Bd.7, Anh. Nr.2 [Grundsätze der armenrechtlichen Niederlassungsfreiheit] 31.12.1842 Preußisches Gesetz über die Verpflichtung zur Armenpflege Bd.7, Anh. Nr.3 [An die Stelle der mit Geburt erworbenen Heimat tritt mit dem Tag der Wohnsitznahme der sog. Unter- stützungswohnsitz als Grundlage der Verpflichtung zur Armenpflege] 31.12.1842 Preußisches Gesetz über die Erwerbung und den Verlust der Eigenschaft als preußi- Bd.7, Anh. Nr.4 scher Untertan sowie über den Eintritt in fremde Staatsdienste [Grundsätze des Staatsangehörigkeitsrechts kraft Abstammung] 17.01.1845 Allgemeine Gewerbeordnung für Preußen [Teildruck]
    [Show full text]
  • Karl Helfferich and Rudolf Hilferding on Georg Friedrich Knapp's State
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Greitens, Jan Conference Paper — Manuscript Version (Preprint) Karl Helfferich and Rudolf Hilferding on Georg Friedrich Knapp’s State Theory of Money: Monetary Theories during the Hyperinflation of 1923 Suggested Citation: Greitens, Jan (2020) : Karl Helfferich and Rudolf Hilferding on Georg Friedrich Knapp’s State Theory of Money: Monetary Theories during the Hyperinflation of 1923, Annual Conference of the European Society for the History of Economic Thought (ESHET) 2020, Sofia., ZBW - Leibniz Information Centre for Economics, Kiel, Hamburg This Version is available at: http://hdl.handle.net/10419/216102 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available
    [Show full text]