Death of a Reserve Currency
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The Historical Origins of the Safe Haven Status of the Swiss Franc1
Aussenwirtschaft 67.2 The historical origins of the safe haven status of the Swiss franc1 Ernst Baltensperger and Peter Kugler University of Berne; University of Basel An empirical analysis of international interest rates and of the behavior of the exchange rate of the Swiss franc since 1850 leads to the conclusion that World War I marks the origin of the strong currency and safe haven status of the Swiss franc. Before World War I, interest rates point to a weakness of the Swiss currency against the pound, the guilder and French franc (from 1881 to 1913) that is shared with the German mark. Thereafter, we see the pattern of the Swiss interest rate island develop and become especially pronounced during the Bretton Woods years. Deviations from metallic parities confirm these findings. For the period after World War I, we establish a strong and stable real and nominal trend appreciation against the pound and the dollar that reflects, to a sizeable extent, inflation differentials. JEL codes: N23 Key words: Swiss franc, safe haven, Swiss interest island, deviation from metallic parity, real and nominal appreciation 1 Introduction The Swiss franc is commonly considered a “strong” currency that serves as a “safe haven” in crisis periods. This raises the question of when the Swiss franc took on this property. Is it associated with the flexible exchange rate regime in place since 1973, or was it already in existence before then? Was the Swiss franc a “weak” currency even in the first decades after its creation in 1850? In order to analyze these questions, we need a definition of a strong currency and its properties. -
Staff Working Paper No. 845 Eight Centuries of Global Real Interest Rates, R-G, and the ‘Suprasecular’ Decline, 1311–2018 Paul Schmelzing
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Optimal Currency Shares in International Reserves: the Impact of the Euro and the Prospects for the Dollar
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Papaioannou, Elias; Portes, Richard; Siourounis, Gregorios Working Paper Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar ECB Working Paper, No. 694 Provided in Cooperation with: European Central Bank (ECB) Suggested Citation: Papaioannou, Elias; Portes, Richard; Siourounis, Gregorios (2006) : Optimal currency shares in international reserves: the impact of the euro and the prospects for the dollar, ECB Working Paper, No. 694, European Central Bank (ECB), Frankfurt a. M. This Version is available at: http://hdl.handle.net/10419/153128 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 under an -
The Costs of Dollarization; a Central Banker’S View
The costs of dollarization; a central banker’s view Speech by Jeanette R. Semeleer, President of the Centrale Bank van Aruba (CBA), at the Symposium on “The advantages and disadvantages of Dollarization”, organized by the Council of Advice of St. Maarten, March 26, 2015. Members of Parliament, Ministers, Members of the Council of Advice and other distinguished guests, good evening. 1. Introduction First of all, allow me to express words of gratitude to the Council of Advice for the invitation to address you on the topic “The advantages and disadvantages of Dollarization”. I am truly honored and privileged to be here on this beautiful island (I should come here more often) and to contribute to the ongoing debate of dollarization in St. Maarten. Page 1 of 21 We all probably agree that dollarization is not an easy topic to debate on, but I hope when we leave the room tonight that some practical tools have been provided to facilitate the discussions. If this debate moves some time in the future towards a political decision that involves a change in the current exchange rate regime, extensive knowledge and practical experience are needed to choose the best policy for managing the exchange rate, which is a key instrument towards achieving macro- economic goals and maintaining financial stability. Tonight my speech will primarily focus on the costs of dollarization within the context of full dollarization. By full dollarization, I refer to a situation in which a country formally adopts a currency of another country—most commonly the U.S. dollar—as its legal tender.1 2. -
Going Dutch: the Management of Monetary Policy in the Netherlands During the Interwar Gold Standard
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Colvin, Christopher L.; Fliers, Philip Working Paper Going Dutch: The management of monetary policy in the Netherlands during the interwar gold standard QUCEH Working Paper Series, No. 2019-03 Provided in Cooperation with: Queen's University Centre for Economic History (QUCEH), Queen's University Belfast Suggested Citation: Colvin, Christopher L.; Fliers, Philip (2019) : Going Dutch: The management of monetary policy in the Netherlands during the interwar gold standard, QUCEH Working Paper Series, No. 2019-03, Queen's University Centre for Economic History (QUCEH), Belfast This Version is available at: http://hdl.handle.net/10419/200505 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 under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu QUCEH WORKING PAPER SERIES http://www.quceh.org.uk/working-papers GOING DUTCH: THE MANAGEMENT OF MONETARY POLICY IN THE NETHERLANDS DURING THE INTERWAR GOLD STANDARD Christopher L. -
The Bank Restriction Act and the Regime Shift to Paper Money, 1797-1821
European Historical Economics Society EHES WORKING PAPERS IN ECONOMIC HISTORY | NO. 100 Danger to the Old Lady of Threadneedle Street? The Bank Restriction Act and the regime shift to paper money, 1797-1821 Patrick K. O’Brien Department of Economic History, London School of Economics Nuno Palma Department of History and Civilization, European University Institute Department of Economics, Econometrics, and Finance, University of Groningen JULY 2016 EHES Working Paper | No. 100 | July 2016 Danger to the Old Lady of Threadneedle Street? The Bank Restriction Act and the regime shift to paper money, 1797-1821* Patrick K. O’Brien Department of Economic History, London School of Economics Nuno Palma Department of History and Civilization, European University Institute Department of Economics, Econometrics, and Finance, University of Groningen Abstract The Bank Restriction Act of 1797 suspended the convertibility of the Bank of England's notes into gold. The current historical consensus is that the suspension was a result of the state's need to finance the war, France’s remonetization, a loss of confidence in the English country banks, and a run on the Bank of England’s reserves following a landing of French troops in Wales. We argue that while these factors help us understand the timing of the Restriction period, they cannot explain its success. We deploy new long-term data which leads us to a complementary explanation: the policy succeeded thanks to the reputation of the Bank of England, achieved through a century of prudential collaboration between the Bank and the Treasury. JEL classification: N13, N23, N43 Keywords: Bank of England, financial revolution, fiat money, money supply, monetary policy commitment, reputation, and time-consistency, regime shift, financial sector growth * We are grateful to Mark Dincecco, Rui Esteves, Alex Green, Marjolein 't Hart, Phillip Hoffman, Alejandra Irigoin, Richard Kleer, Kevin O’Rourke, Jaime Reis, Rebecca Simson, Albrecht Ritschl, Joan R. -
Monthly Prices of Grains in Gdańsk in the 18 Century Mikołaj Malinowski
Historical Prices and Wages at www.iisg.nl/hpw/ Monthly Prices of Grains in Gdańsk in the 18th Century Mikołaj Malinowski [email protected] Basic Information The file contains monthly information on the lowest and the highest prices of the four grains – wheat, rye, barley and oats – in Gdańsk between 1703 and 1793. The information was obtained from Tadeusz Furtak’s Ceny w Gdańsku w latach 1701-1815, published in Lwów in 1938. The importance of this file, in comparison with the already available annual data for this period, is the fact that it shows monthly observations. In addition, most of the observations present both the minimum and the maximum price for a commodity at a given point in time. Those two features of the new dataset are crucial for any future quantitative research, as it not only provides 12 times more information, but also allows for study of seasonality and short-term price fluctuations. In his seminal work, Tadeusz Furtak gathered prices of a vast amount of commodities traded in Gdańsk. In his research in The National Archive of Gdańsk and the Gdańsk city library he found appropriate material in various sources, such as: bills of the city council; bills of hospitals and prisons; journals like “Exchange Warsaw Journal” (Dziennik Handlowy Warszawski) and “Thornishe Nachrichten”. The bills were however the main source for his work, which poses several problems. According to Furtak himself, the material he used was disorganized; prices were often indicated in different currencies; they represented not only different values of different volumes of the same good, but even different kinds of the same commodity. -
XXXVI. Remarks on the Firft Noble, Coined 18 Ed- Ward III, A.D
C 316 ] XXXVI. Remarks on the firft Noble, coined 18 Ed- ward III, A.D. 1334; wherein a new and more rational Interpretation is given of the Legend on the Reverfe. By the Rev. Mr. Pegge* Read at the SOCIETY of ANTIQUARIES, 27 May, 1773V ING. Edward III. may properly be efteemed the father of the gold fpecie- of England, notwithftanding fome fin- gular appearances which precede his time; fince gold has in a: manner continued to be minted without interruption ever iince his reign. IN the 18th year of this king's reign, (27 January, 1344,)' florins of fix fhillings value were coined, with half-florins and* quarter-florins. The firffc were imprefled with two leopards; the fecond* with one; and the third, with an helmet, infigned or furmounted with a lion [#J. None of thefe pieces, how- ever, except the quarter-florin, the property of the late Brian Fairfax, efq; [£], have ever been feen by our Antiquaries; but; of this we have a type both in Mr. Folkes's [c] and Mr. Snell-r ing's plates [d]; and a verbal defcription of. it both'by Mr, Snelling; and Mr. Wife [e]. [] Wife's Num.Bodh CataF:.p. 233. [b~\ Snelling's View of the gold coin of England, p. 2 PI. I. N° 1. [<TJ PJ. I. [i\ Loc. Downloaded from https://www.cambridge.org/core. INSEAD, on 03 Oct 2018 at 12:01:09, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S0261340900016234 Mr. -
Gold, Silver and the Double-Florin
GOLD, SILVER AND THE DOUBLE-FLORIN G.P. DYER 'THERE can be no more perplexing coin than the 4s. piece . .'. It is difficult, perhaps, not to feel sympathy for the disgruntled Member of Parliament who in July 1891 expressed his unhappiness with the double-florin.1 Not only had it been an unprecedented addition to the range of silver currency when it made its appearance among the Jubilee coins in the summer of 1887, but its introduction had also coincided with the revival after an interval of some forty years of the historic crown piece. With the two coins being inconveniently close in size, weight and value (Figure 1), confusion and collision were inevitable and cries of disbelief greeted the Chancellor of the Exchequer, George Goschen, when he claimed in the House of Commons that 'there can hardly be said to be any similarity between the double florin and the crown'.2 Complaints were widespread and minting of the double-florin ceased in August 1890 after scarcely more than three years. Its fate was effectively sealed shortly afterwards when an official committee on the design of coins, appointed by Goschen, agreed at its first meeting in February 1891 that it was undesirable to retain in circulation two large coins so nearly similar in size and value and decided unanimously to recommend the withdrawal of the double- florin.3 Its demise passed without regret, The Daily Telegraph recalling a year or two later that it had been universally disliked, blessing neither him who gave nor him who took.4 As for the Fig. -
Good Grade. 6. 1916 Shilling
1. 1696 crown. 45. Qty. pennies etc. 3.3 kg. 2. 2 x 1937 crown. 46. Boxed set of 4 crowns. 3. 1836 ½ crown. 47. 1914 half crown – better grade. 4. 2 x 1935 crowns. 48. 1889 crown. 5. 1918 Rupee – good grade. 49. 1889 crown. 6. 1916 shilling – good grade. 50. USA 1922 Dollar. 7. 1927 wreath crown. 51. Enamel George 111 crown. 8. USA silver dollar 1922. 52. 1922 Australia florins. 9. Silver Death of Victoria medallion. 53. 1939 penny – good grade and ½ 10. 1806 penny – good grade. penny. 11. 2 x 1951 crown and 1953 crown. 54. Proof silver £1 coins. 12. 3 x 1951 crowns. 55. 1998 proof set piedfort £1 coin. 13. 1895 crown. 56. 1993 proof set piedfort £1 coin. 14. 1943 ½ Dollar. 57. 2001 proof set piedfort £1 coin. 15. 3 piece enamel type coin jewellery. 58. 1992 proof silver piedfort 50p. 16. Box medallion. 59. Good grade 1891 USA dime. 17. Cigarette cards. 60. Good grade 1836 Groat. 18. Bank notes etc. 61. Boxed set of 3 D.Day crowns. 19. Tin of coins. 62. 2 proof silver 10p. 1992. 20. Purse of coins. 63. Proof 2001 £5 coin. 21. 1857 USA 1 cent. 64. 1988 proof set UK. 22. Cheltenham penny token 1812. 65. 1989 proof set UK. 23. 3 tokens. 66. 1953 proof set. 24. 18th century Irish ½ pennies. 67. 1935 and 1937 crown. 25. 1813 IOM penny. 68. 2 x 1935 crown. 26. 3 Victorian ½ farthings. 69. 1889 crown. 27. Victoria farthings 1839 onwards. 70. 1889 crown. 28. Canada 25d. -
Early Speculative Bubbles and Increases in the Supply of Money
UNLV Retrospective Theses & Dissertations 1-1-1991 Early speculative bubbles and increases in the supply of money Douglas Edward French University of Nevada, Las Vegas Follow this and additional works at: https://digitalscholarship.unlv.edu/rtds Repository Citation French, Douglas Edward, "Early speculative bubbles and increases in the supply of money" (1991). UNLV Retrospective Theses & Dissertations. 167. http://dx.doi.org/10.25669/h29l-bf64 This Thesis is protected by copyright and/or related rights. It has been brought to you by Digital Scholarship@UNLV with permission from the rights-holder(s). You are free to use this Thesis in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s) directly, unless additional rights are indicated by a Creative Commons license in the record and/ or on the work itself. This Thesis has been accepted for inclusion in UNLV Retrospective Theses & Dissertations by an authorized administrator of Digital Scholarship@UNLV. For more information, please contact [email protected]. INFORMATION TO USERS This manuscript has been reproduced from the microfilm master. UMI films the text directly from the original or copy submitted. Thus, some thesis and dissertation copies are in typewriter face, while others may be from any type of computer printer. The quality of this reproduction is dependent upon the quality of the copy submitted. Broken or indistinct print, colored or poor quality illustrations and photographs, print bleedthrough, substandard margins, and improper alignment can adversely affect reproduction. In the unlikely event that the author did not send UMI a complete manuscript and there are missing pages, these will be noted. -
British Coins
______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ BRITISH COINS 567 Eadgar (959-975), cut Halfpenny, from small cross Penny of moneyer Heriger, 0.68g (S 1129), slight crack, toned, very fine; Aethelred II (978-1016), Penny, last small cross type, Bath mint, Aegelric, 1.15g (N 777; S 1154), large fragment missing at mint reading, good fine. (2) £200-300 with old collector’s tickets of pre-war vintage 568 Aethelred II (978-1016), Pennies (2), Bath mint, long