| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP13896
|
| DP13896 Interest rates |
| Eric Monnet
|
| 发表日期 | 2019-07-28
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | Many influential cliometric studies have examined historical interest rates in order to assess investment efficiency, the integration of markets, the economic effects of changes in policies or institutions, the sources of macroeconomic cycles, and so on. The common feature of this approach to economic history is that it is based on the crucial assumption that interest rates are the market prices at which demand meets supply. In this perspective, most debates focus on how to calculate yields or compare different rates of return on capital. Cliometricians developed innovative methods to construct yields and lending rates that were not specified in historical sources. It is only quite recently that economic historians have turned to cases where interest rates are not market-clearing prices. In such cases, there is little connection between interest rates and the state of the economy. Highlighting market imperfections, some recent studies have challenged earlier historical interpretations that overlooked the potential disconnection between prices (interest rates) and quantities. They offer new insights into the historical functioning of credit markets, central banking and government intervention in financial systems. |
| 主题 | Economic History
|
| 关键词 | Interest rates
Yield
Central bank
Usury law
Market clearing (rationing)
|
| URL | https://cepr.org/publications/dp13896
|
| 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/542773
|
推荐引用方式
GB/T 7714 |
Eric Monnet. DP13896 Interest rates. 2019.
|
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