| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP13138
|
| DP13138 The Other Way: A Narrative History of the Bank of France |
| Vincent Bignon; Marc Flandreau
|
| 发表日期 | 2018-08-24
|
| 出版年 | 2018
|
| 语种 | 英语
|
| 摘要 | This paper offers a comprehensive (short) history of central banking in France, starting in the 18th century and finishing with the creation of the Euro in 2001. We first discuss how the French experience with central banking in the 18th century shaped the drafting of the charter and the governance of the Bank of France in 1800. We then single out how the Bank implements its monetary policy in the 19th century and assess the bank achievement in terms of monetary and financial stability. Finally we discuss how the sovereign debt overhang triggered by World War I and the reconstruction subverted the model of central banking previously implemented, and how the reluctance of the Bank to be implicated in the management of the sovereign yield ultimately leads to the loss of its independence vis-a-vis the state. Against this background the use of financial repression under the guidance of the state allowed a smoother management of the debt overhang during the post WW II period, but created its own issues that were addressed effectively only with the creation of the Euro. |
| 主题 | Economic History
|
| URL | https://cepr.org/publications/dp13138
|
| 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/541941
|
推荐引用方式
GB/T 7714 |
Vincent Bignon,Marc Flandreau. DP13138 The Other Way: A Narrative History of the Bank of France. 2018.
|
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。
