42Nd Annual Report of the Bank for International Settlements
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17Th Annual Report of the Bank for International Settlements
BANK FOR INTERNATIONAL SETTLEMENTS SEVENTEENTH ANNUAL REPORT 1st APRIL 1946—31st MARCH 1947 BASLE 16th June 1947 TABLE OF CONTENTS Page I. Introductory Remarks 5 II. Transition from War to Peace Economy 9 Budget situation (p. 9), resources for productive investments (p. 9), subsidies (p. 10), nationalisations (p. 11), financial accounts (p. 11), foreign credits and foreign aid (p. 13)., em- ployment policy (p. 14), shortage of consumption goods (p. 15), wage increases (p. 15), price control (p. 16), wheat situation (p. I"]), meat, fat etc. (p. 18), industrial production (p. 20 ), coal , situation (p. 22), over-employment (p. 25) . III. Price Movements 28 Types of movement (p. 28), prices in Greece (p. 28), Hungary (p. 28), Roumania (p. 29), China (p. 29), Poland (p. 30), Italy (p. 30), France (p. 31), Finland (p. 32), Bulgaria (p. 32), Belgium (p. 32), Czechoslovakia (p. 32), Holland (p. 32), Turkey (p. 32), United States (p. 33), Great Britain (p. 35), Germany (p. 36), Austria (p. 37), wartime shortages (p. 38), general observations (p. 39) IV. Recovery of Foreign Trade .................. 41 Volume of world trade (p. 41), foreign trade in the United States (p. 42), in Canada (p. 45), Great Britain (p. 46), Denmark (p. 49), Norway (p. 49), Sweden (p. 5°), Finland (p. 50), Belgium (p. 51), Holland (p. 51), Switzerland (p. 52), Portugal (p. 52), France (p. 52), Italy (p. 54), Germany (p. 55), Poland (p. 5&), Czechoslovakia (p. 57), Austria (p. 58), Hungary (p. 58), Roumania (p. 59), Yugoslavia (p. 59), Bulgaria (p. 59), Greecç (p. 59); Turkey (p. 60), U.S.S.R. -
History of Federal Reserve Free Edition
Free Digital Edition A Visual History of the Federal Reserve System 1914 - 2009 This is a free digital edition of a chart created by John Paul Koning. It has been designed to be ap- chase. Alternatively, if you have found this chart useful but don’t want to buy a paper edition, con- preciated on paper as a 24x36 inch display. If you enjoy this chart please consider buying the paper sider donating to me at www.financialgraphart.com/donate. It took me many months to compile the version at www.financialgraphart.com. Buyers of the chart will recieve a bonus chart “reimagin- data and design it, any support would be much appreciated. ing” the history of the Fed’s balance sheet. The updated 2010 edition is also now available for pur- John Paul Koning, 2010 FOR BETTER OR FOR WORSE, the Federal Reserve has Multiple data series including the Fed’s balance sheet, This image is published under a Creative Commons been governing the monetary system of the United States interest rates and spreads, reserve requirements, chairmen, How to read this chart: Attribution-Noncommercial-No Derivative Works 2.5 License since 1914. This chart maps the rise of the Fed from its inflation, recessions, and more help chronicle this rise. While Start origins as a relatively minor institution, often controlled by this chart can only tell part of the complex story of the Fed, 1914-1936 Willliam P. Harding $16 Presidents and the United States Department of the we trust it will be a valuable reference tool to anyone Member, Federal Reserve Board 13b Treasury, into an independent and powerful body that rivals curious about the evolution of this very influential yet Adviser to the Cuban government Benjamin Strong Jr. -
Country Codes and Currency Codes in Research Datasets Technical Report 2020-01
Country codes and currency codes in research datasets Technical Report 2020-01 Technical Report: version 1 Deutsche Bundesbank, Research Data and Service Centre Harald Stahl Deutsche Bundesbank Research Data and Service Centre 2 Abstract We describe the country and currency codes provided in research datasets. Keywords: country, currency, iso-3166, iso-4217 Technical Report: version 1 DOI: 10.12757/BBk.CountryCodes.01.01 Citation: Stahl, H. (2020). Country codes and currency codes in research datasets: Technical Report 2020-01 – Deutsche Bundesbank, Research Data and Service Centre. 3 Contents Special cases ......................................... 4 1 Appendix: Alpha code .................................. 6 1.1 Countries sorted by code . 6 1.2 Countries sorted by description . 11 1.3 Currencies sorted by code . 17 1.4 Currencies sorted by descriptio . 23 2 Appendix: previous numeric code ............................ 30 2.1 Countries numeric by code . 30 2.2 Countries by description . 35 Deutsche Bundesbank Research Data and Service Centre 4 Special cases From 2020 on research datasets shall provide ISO-3166 two-letter code. However, there are addi- tional codes beginning with ‘X’ that are requested by the European Commission for some statistics and the breakdown of countries may vary between datasets. For bank related data it is import- ant to have separate data for Guernsey, Jersey and Isle of Man, whereas researchers of the real economy have an interest in small territories like Ceuta and Melilla that are not always covered by ISO-3166. Countries that are treated differently in different statistics are described below. These are – United Kingdom of Great Britain and Northern Ireland – France – Spain – Former Yugoslavia – Serbia United Kingdom of Great Britain and Northern Ireland. -
U.S. Policy in the Bretton Woods Era I
54 I Allan H. Meltzer Allan H. Meltzer is a professor of political economy and public policy at Carnegie Mellon University and is a visiting scholar at the American Enterprise Institute. This paper; the fifth annual Homer Jones Memorial Lecture, was delivered at Washington University in St. Louis on April 8, 1991. Jeffrey Liang provided assistance in preparing this paper The views expressed in this paper are those of Mr Meltzer and do not necessarily reflect official positions of the Federal Reserve System or the Federal Reserve Bank of St. Louis. U.S. Policy in the Bretton Woods Era I T IS A SPECIAL PLEASURE for me to give world now rely on when they want to know the Homer Jones lecture before this distinguish- what has happened to monetary growth and ed audience, many of them Homer’s friends. the growth of other non-monetary aggregates. 1 am persuaded that the publication and wide I I first met Homer in 1964 when he invited me dissemination of these facts in the 1960s and to give a seminar at the Bank. At the time, I was 1970s did much more to get the monetarist case a visiting professor at the University of Chicago, accepted than we usually recognize. 1 don’t think I on leave from Carnegie-Mellon. Karl Brunner Homer was surprised at that outcome. He be- and I had just completed a study of the Federal lieved in the power of ideas, but he believed Reserve’s monetary policy operations for Con- that ideas were made powerful by their cor- gressman Patman’s House Banking Committee. -
London, Washington, and the Management of the Franc, 1936-39
PRINCETON STUDIES IN INTERNATIONAL FINANCE, NO. 45 London, Washington, and the Management of the Franc, 1936-39 Ian M. Drummond INTERNATIONAL FINANCE SECTION DEPARTMENT OF ECONOMICS PRINCETON UNIVERSITY • 1979 - PRINCETON STUDIES , IN INTERNATIONAL. FINANCE This is the forty-fifth nurnber, in the series PRINCETON STUDIES IN IN- TERNATIONAL FINANCE, published from time to time by the .Interna- tional Finance Section of the Department of, Economics at Princeton University. The author, Ian M. Drummond, is a professor in the Department of Political Economy at the University of Toronto. He has also taught at Yale University and, as a visitor, at Princeton University and the Uni- versity of Edinburgh. Among his recent publications are British 'Eco- nomic Policy and the Empire, 1919.-1939, Imperial Economic Policy, 1917=1939, and Economics: Principles and Policies in an Open Econ- omy. / This series is intended to be restricted to meritorious research stud- ies in the general field of international financial problems that are too technical, too specialized, or too long to qualify as ESSAYS. The Section welcomes the submission of manuscripts for the series. While the 'Sec- tion ,sponsors the studies, the writers are free to develop their topics as they will. • PETER B. BENEN Director, International Finance Section PRINCETON STUDIES IN INTERNATIONAL FINANCE NO. 45 London, Washington, and the Management of the Franc, 1936-39 Ian M. Drummond INTERNATIONAL FINANCE SECTION DEPARTMENT OF ECONOMICS PRINCETON UNIVERSITY PRINCETON, NEW JERSEY NOVEMBER 1979 CONTENTS CAST OF CHARACTERS V 1 INTRODUCTION 1 The Tripartite Declarations 1 Historical Backdrop 3 Attitudes toward Cooperation and Mutual Support 4 2 BLUM AND AURIOL 9 3 CHAUTEMPS AND BONNET 16 4 CHAUTEMPS AND MARCHANDEAU 26 5 BLUM ONCE MORE 30 6 DALADIER AND MARCHANDEAU 32 7 TRANQUILLITY WITH DALADIER AND REYNAUD 39 8 MORGENTHAU AND THE FRENCH: CREDIT AND EXCHANGE CONTROL 42 9 SOME CONCLUSIONS 53 REFERENCES 57 INTERNATIONAL FINANCE SECTION EDITORIAL STAFF Peter B. -
1 from the Franc to the 'Europe': Great Britain, Germany and the Attempted Transformation of the Latin Monetary Union Into A
From the Franc to the ‘Europe’: Great Britain, Germany and the attempted transformation of the Latin Monetary Union into a European Monetary Union (1865-73)* Luca Einaudi I In 1865 France, Italy, Belgium and Switzerland formed a monetary union based on the franc and motivated by geographic proximity and intense commercial relations.1 The union was called a Latin Monetary Union (LMU) by the British press to stress the impossibility of its extension to northern Europe.2 But according to the French government and many economists of the time, it had a vocation to develop into a European or Universal union. This article discusses the relations between France, which proposed to extend the LMU into a European monetary union in the 1860’s, and the main recipients of the proposal; Great Britain and the German States. It has usually been assumed that the British and the Germans did not show any interest in participating in such a monetary union discussed at an international monetary Conference in Paris in 1867 and that any attempt was doomed from the beginning. For Vanthoor ‘France had failed in its attempt to use the LMU as a lever towards a global monetary system during the international monetary conference... in 1867,’ while for Kindleberger ‘the recommendations of the conference of 1867 were almost universally pigeonholed.’3 With the support of new diplomatic and banking archives, together with a large body of scientific and journalistic literature of the time, I will argue that in fact the French proposals progressed much further and were close to success by the end of 1869, but failed before and independently from the Franco-Prussian war of 1870. -
The European Currency Snake
The European currency snake Source: CVCE. European NAvigator. Étienne Deschamps. Copyright: (c) CVCE.EU by UNI.LU All rights of reproduction, of public communication, of adaptation, of distribution or of dissemination via Internet, internal network or any other means are strictly reserved in all countries. Consult the legal notice and the terms and conditions of use regarding this site. URL: http://www.cvce.eu/obj/the_european_currency_snake-en-d4f8d8aa-a518- 4e56-9e19-957ea8d54542.html Last updated: 08/07/2016 1/2 The European currency snake Europe was seriously weakened by the currency turmoil in the late 1960s and early 1970s. The combined effect of the devaluation of the French franc, the upward revaluation of the German mark and the collapse of the Bretton Woods International Monetary System destabilised European markets. Furthermore, exchange rates between the currencies of the Member States had to be fixed before a common market could be created. The German Minister for Finance and Economic Affairs, Karl Schiller, advocated a rigorous stability policy in order to resolve the crisis. France hesitated at first but then came round to supporting the German idea of attaining monetary stability. The Smithsonian Agreement, signed in Washington on 18 December 1971, set new parities between European currencies and the dollar. It also introduced what was known as the currency tunnel, which extended the exchange rate fluctuation margins of the main European currencies to 2.25 % around a central rate. Meeting in Basle on 10 April 1972, the Committee of Governors of the European central banks introduced an additional mechanism to narrow exchange rate fluctuation. -
Macroeconomic Policy
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: International Economic Cooperation Volume Author/Editor: Martin Feldstein, ed. Volume Publisher: University of Chicago Press Volume ISBN: 0-226-24076-2 Volume URL: http://www.nber.org/books/feld88-4 Publication Date: 1988 Chapter Title: Macroeconomic Policy Chapter Author: Stanley Fischer, W. Michael Blumenthal, Charles L. Schultze, Alan Greenspan, Helmut Schmidt Chapter URL: http://www.nber.org/chapters/c9786 Chapter pages in book: (p. 11 - 78) Macroeconomic 1 Policy 1. Stanley Fischer 2. W. Michael Blumenthal 3. Charles L. Schultze 4. Alan Greenspan 5. Helmut Schmidt 1. Stanley Fischer International Macroeconomic Policy Coordination International cooperation in macroeconomic policy-making takes place in a multitude of settings, including regular diplomatic contacts, the IMF, the General Agreement on Tariffs and Trade (GATT), the Eu ropean Monetary System (EMS), the OECD, the Bank for International Settlements (BIS), and summits. It takes a multitude of forms, from sharing information about current and future policies, through consul tation about decisions, to actual coordination of policies. Coordination "implies a significant modification of national policies in recognition of international economic interdependence." 1 Coordination holds out the promise of mutual gains resulting from the effects of economic policy decisions in one country on the econ omies of others. The Bonn Summit of 1978, in which Germany agreed to an expansionary fiscal policy in exchange for a U.S. commitment to raise the price of oil to the world level, is a much quoted example of policy coordination. 2 That agreement, followed by the second oil shock and increased inflation, was later viewed by many as a mistake. -
Almost a Century of Central Bank Cooperation
June 2005 Almost A Century of Central Bank Cooperation Richard N. Cooper Harvard University The Bank for International Settlements was created in 1930 primarily to administer the Young Plan, including reparations loan repayments from Germany. But the “first object” of the BIS, as defined in its statutes, is to “promote the cooperation of central banks…” – to provide a place of meeting for central bankers to exchange information, discuss common problems, agree on shared aims, set common standards, possibly even provide mutual support. This objective must be viewed against the background of the 1920s, when there had been episodic, typically bilateral cooperation among central banks. Indeed episodes of such cooperation can be found in the pre-1914 period, for example a gold loan by the Bank of France to the Bank of England during the Baring Crisis of 1890, or discounting by the Bank of France of English bills in 1906, 1907, 1909, and 1910, thereby relieving pressure on the gold reserves of the Bank of England (Bloomfield, p. 56). Indeed, examples can be found from even earlier, including the Latin and Scandinvian currency unions (Schloss, p.7-24). With the post-1918 breakup of the Austrian , Ottoman, and Russian empires many new countries were created, needing central banks and economic stabilization. The League of Nations had a program to assist the new states in setting up their financial systems and stabilizing their economies. An early inter- war example of cooperation was the loan in 1923 from the Bank of England to the National Bank of Austria in anticipation of proceeds from a League of Nations stabilization loan. -
The Decline of Sterling Managing the Retreat of an International Currency, 1945-1992
The Decline of Sterling Managing the Retreat of an International Currency, 1945-1992 Catherine R. Schenk CAMBRIDGE UNIVERSITY PRESS Contents List of figures { page x List of tables xiii Acknowledgements xv 1 Introduction 1 Evolution of the international monetary system 7 Britain in the world economy 13 Measuring sterling's international role 21 Summary and outline of the book 27 Part I Reconstructing the International Monetary System 1945-1959 35 2 The post-war international monetary system 1945-1950 37 The post-war settlement 37 The 1947 convertibility crisis 60 Devaluation, .1949 68 Conclusions 80 3 The return to convertibility 1950-1959 83 Sterling as a reserve currency 83 Sterling as a trading currency 95 The sterling exchange rate 100 Convertibility on the current account 102 Conclusions 115 Part II Accelerating the Retreat: Sterling in the 1960s 117 4 Sterling and European integration 119 Erosion of traditional relationships in the 1960s 121 The first application, 1961-1963 124 The second application, 1967 131 The final battle for accession, 1970-1972 - 138 Conclusions 151 Contents The 1967 sterling devaluation: relations with the United States and the IMF 1964-1969 155 Devaluation and Anglo-American relations 157 Devaluation and the IMF 185 Conclusions 204 Sterling and the City 206 Measuring sterling as a commercial currency 208 Sterling in banking and finance 212 Capital controls on sterling 215 The eclipse of sterling, 1958-1970 224 Conclusions 238 Multilateral negotiations: sterling and the-reform of the international monetary -
CHERRY Discussion Paper Series CHERRY DP 12/01
CHERRY Discussion Paper Series CHERRY DP 12/01 The emergence of the Classical Gold Standard By Matthias Morys Programme DAMIN La Dépréciation de l'Argent Monétaire et les Relations Internationales Silver monetary depreciation and international relations TABLE-RONDE MONNAIES ET ÉCONOMIES AU 19e SIÈCLE (DE L'EUROPE À L'ASIE) MONEYS AND ECONOMIES DURING 19th CENTURY (FROM EUROPE TO ASIA). 13-14 janvier 2012 École Normale Supérieure, Paris, Amphithéâtre Rataud The emergence of the Classical Gold Standard Dr Matthias Morys University of York, Department of Economics [email protected] Abstract This paper asks why the Classical Gold Standard (1870s - 1914) emerged: Why did the vast majority of countries tie their currencies to gold in the late 19th century, while there was only one country – the UK – on gold in 1850? The literature distinguishes a number of theories to explain why gold won over bimetallism and silver. We will show the pitfalls of these theories (macroeconomic theory, ideological theory, political economy of choice between gold and silver) and show that neither the early English lead in following gold nor the German shift to gold in 1873 were as decisive as conventional accounts have it. Similarly, we argue that the silver supply shock materializing in the early 1870s was only the nail in the coffin of silver and bimetallic standards. Instead, we focus on the impact of the 1850s gold supply shock (due to the immense gold discoveries in California and Australia) on the European monetary system. Studying monetary commissions -
Danmarks Nationalbank Working Papers 2004 • 12
DANMARKS NATIONALBANK WORKING PAPERS 2004 • 12 Kim Abildgren Danmarks Nationalbank A chronology of Denmark’s exchange-rate policy 1875-2003 April 2004 The Working Papers of Danmarks Nationalbank describe research and development, often still ongoing, as a contribution to the professional debate. The viewpoints and conclusions stated are the responsibility of the individual contributors, and do not necessarily reflect the views of Danmarks Nationalbank. As a general rule, Working Papers are not translated, but are available in the original language used by the contributor. Danmarks Nationalbank's Working Papers are published in PDF format at www.nationalbanken.dk. A free electronic subscription is also available at this Web site. The subscriber receives an e-mail notification whenever a new Working Paper is published. Please direct any enquiries to Danmarks Nationalbank, Information Desk, Havnegade 5, DK-1093 Copenhagen K Denmark Tel.: +45 33 63 70 00 (direct) or +45 33 63 63 63 Fax : +45 33 63 71 03 E-mail:[email protected] Text may be copied from this publication provided that Danmarks Nationalbank is specifically stated as the source. Changes to or misrepresentation of the content are not permitted. Nationalbankens Working Papers beskriver forsknings- og udviklingsarbejde, ofte af foreløbig karakter, med henblik på at bidrage til en faglig debat. Synspunkter og konklusioner står for forfatternes regning og er derfor ikke nødvendigvis udtryk for Nationalbankens holdninger. Working Papers vil som regel ikke blive oversat, men vil kun foreligge på det sprog, forfatterne har brugt. Danmarks Nationalbanks Working Papers er tilgængelige på Internettet www.nationalbanken.dk i pdf- format. På webstedet er det muligt at oprette et gratis elektronisk abonnement, der leverer en e-mail notifikation ved enhver udgivelse af et Working Paper.