| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP11747
|
| DP11747 Reputation, Regulation and the Collapse of International Capital Markets, 1920-1935 |
| Marc Flandreau
|
| 发表日期 | 2017-01-05
|
| 出版年 | 2017
|
| 语种 | 英语
|
| 摘要 | This paper is about the economics of financial power and regime change. It revisits important aspects of the “end of globalization” – as the shutting down of global capital markets after 1931 is generally referred to. It articulates a novel perspective on the fundamental regime change that occurred at that point by putting the collapse of foreign government bonds that occurred in New York in the early 1930s in the perspective of London’s earlier experience as a centre of global capital exports. It argues that the London industrial set-up for managing foreign government debts had been essentially transplanted from London to New York in the 1920s. This set-up rested on the role of prestigious intermediaries who were involved in originating, distributing and monitoring high quality securities, as well as dealing with crises. It then argues that several critical aspects of the New Deal financial reforms adopted during the 1930s interfered directly with this set-up and prevented the industry from dealing with the crisis in the usual way. It concludes that the global bond market was a casualty of domestic policies associated with the New Deal, and that the New Deal opened a new era in international finance. |
| 主题 | Economic History
; International Macroeconomics and Finance
|
| URL | https://cepr.org/publications/dp11747
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540561
|
推荐引用方式
GB/T 7714 |
Marc Flandreau. DP11747 Reputation, Regulation and the Collapse of International Capital Markets, 1920-1935. 2017.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
