全球智库信息集成服务系统(G2TT): DP13895 Taming the Global Financial Cycle: Central Banks and the Sterilization of Capital Flows in the First Era of Globalization (1891-1913)

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP13895
	DP13895 Taming the Global Financial Cycle: Central Banks and the Sterilization of Capital Flows in the First Era of Globalization (1891-1913)
	Guillaume Bazot; Eric Monnet; Matthias Morys
发表日期	2019-07-28
出版年	2019
语种	英语
摘要	Are central banks able to isolate their domestic economy by offsetting the effects of foreign capital flows? We provide an answer for the First Age of Globalisation based on an exceptionally detailed and standardized database of monthly balance sheets of all central banks in the world (i.e. 21) over 1891-1913. Investigating the impact of a global interest rate shock on the exchange-rate, the interest rate and the central bank balance sheet, we find that not a single country played by the “rules of the game.” Core countries fully sterilized capital flows, while peripheral countries also relied on convertibility restrictions to avoid reserve losses. In line with the predictions of the trilemma, the exchange rate absorbed the shock fully in countries off the gold standard (floating exchange rate): the central bank's balance sheet and interest rate were not affected. In contrast, in the United States, a gold standard country without a central bank, the reaction of the money market rate was three times stronger than that of interest rates in countries with a central bank. Central banks’ balance sheets stood as a buffer between domestic economy and global financial markets.
主题	Economic History ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations
关键词	Gold standard Sterilization Rules of the game Central banking Trilemma Federal reserve system
URL	https://cepr.org/publications/dp13895
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/542772
推荐引用方式 GB/T 7714	Guillaume Bazot,Eric Monnet,Matthias Morys. DP13895 Taming the Global Financial Cycle: Central Banks and the Sterilization of Capital Flows in the First Era of Globalization (1891-1913). 2019.