| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12583 |
| DP12583 Money and Monetary Stability in Europe, 1300-1914 | |
| Sevket Pamuk; Kivanç Karaman; Seçil Yıldırım-Karaman | |
| 发表日期 | 2018-01-11 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper investigates the determinants of monetary stability in Europe from the late medieval era until World War I. Through this period, the nominal anchor for monetary policy was the silver/gold equivalent of the monetary unit. States, however, frequently abandoned this anchor, some depreciating their monetary units against silver/gold less than 10 times and others more than 10,000 times between 1500 and 1914. To document patterns of monetary stability and put alternative theories of stability to test, we compile a new data set of silver/gold equivalents of monetary units for all major European states. We find strong support for political and fiscal theories arguing that states with weak executive constraints and intermediate levels of fiscal capacity had less stable monetary units. In contrast, the empirical support for monetary theories emphasizing the mechanics of the monetary system is weak. These findings support the primacy of political and fiscal factors over mechanical factors for monetary stability. |
| 主题 | Economic History ; Monetary Economics and Fluctuations |
| 关键词 | Money Depreciation Price stability Fiscal capacity Fiat standard Gold standard Silver standard |
| URL | https://cepr.org/publications/dp12583 |
| 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/541394 |
| 推荐引用方式 GB/T 7714 | Sevket Pamuk,Kivanç Karaman,Seçil Yıldırım-Karaman. DP12583 Money and Monetary Stability in Europe, 1300-1914. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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