| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20267 |
| 来源ID | Working Paper 20267 |
| Mutual Assistance between Federal Reserve Banks, 1913-1960 as Prolegomena to the TARGET2 Debate | |
| Barry Eichengreen; Arnaud J. Mehl; Livia Chițu; Gary Richardson | |
| 发表日期 | 2014-06-26 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency situations. Gold reserve sharing was especially important in response to liquidity crises and bank runs. Cooperation among reserve banks was essential for the cohesion and stability of the US monetary union. But fortunes could change quickly, with emergency recipients of gold turning into providers. Because regional imbalances did not grow endlessly, instead narrowing when region-specific liquidity shocks subsided, mutual assistance created only limited tensions. These findings speak to the current debate over TARGET2 balances in Europe. |
| 主题 | International Economics ; International Finance ; History ; Financial History |
| URL | https://www.nber.org/papers/w20267 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577940 |
| 推荐引用方式 GB/T 7714 | Barry Eichengreen,Arnaud J. Mehl,Livia Chițu,et al. Mutual Assistance between Federal Reserve Banks, 1913-1960 as Prolegomena to the TARGET2 Debate. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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