The Experts below are selected from a list of 5805 Experts worldwide ranked by ideXlab platform
William A Allen - One of the best experts on this subject based on the ideXlab platform.
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banking crises and the International Monetary system in the great depression and now
Financial History Review, 2011Co-Authors: Richhild Moessner, William A AllenAbstract:We identify similarities and differences in the scale and nature of the banking crises in 2008-9 and the Great Depression, and analyse differences in the policy response to the two crises in light of the prevailing International Monetary Systems. We find that the scale of the banking crisis, as measured by falls in International short-term indebtedness and total bank deposits, was smaller in 2008-9 than in 1931. However, central bank liquidity provision was larger in the flexible exchange rate environment of 2008-9 than in 1931, when it had been constrained in many countries by the gold standard.
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banking crises and the International Monetary system in the great depression and now
Research Papers in Economics, 2010Co-Authors: Richhild Moessner, William A AllenAbstract:We compare the banking crises in 2008-09 and in the Great Depression, and analyse differences in the policy response to the two crises in light of the prevailing International Monetary Systems. The scale of the 2008-09 banking crisis, as measured by falls in International short-term indebtedness and total bank deposits, was smaller than that of 1931. However, central bank liquidity provision was larger in 2008-09 than in 1931, when it had been constrained in many countries by the gold standard. Liquidity shortages destroyed the International Monetary system in 1931. By contrast, central bank liquidity could be, and was, provided much more freely in the flexible exchange rate environment of 2008-9. The amount of liquidity provided was 5 ½ - 7 ½ times as much as in 1931. This forestalled a general loss of confidence in the banking system. Drawing on historical experience, central banks, led by the Federal Reserve, established swap facilities quickly and flexibly to provide International liquidity, in some cases setting no upper limit to the amount that could be borrowed.
Richhild Moessner - One of the best experts on this subject based on the ideXlab platform.
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banking crises and the International Monetary system in the great depression and now
Financial History Review, 2011Co-Authors: Richhild Moessner, William A AllenAbstract:We identify similarities and differences in the scale and nature of the banking crises in 2008-9 and the Great Depression, and analyse differences in the policy response to the two crises in light of the prevailing International Monetary Systems. We find that the scale of the banking crisis, as measured by falls in International short-term indebtedness and total bank deposits, was smaller in 2008-9 than in 1931. However, central bank liquidity provision was larger in the flexible exchange rate environment of 2008-9 than in 1931, when it had been constrained in many countries by the gold standard.
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banking crises and the International Monetary system in the great depression and now
Research Papers in Economics, 2010Co-Authors: Richhild Moessner, William A AllenAbstract:We compare the banking crises in 2008-09 and in the Great Depression, and analyse differences in the policy response to the two crises in light of the prevailing International Monetary Systems. The scale of the 2008-09 banking crisis, as measured by falls in International short-term indebtedness and total bank deposits, was smaller than that of 1931. However, central bank liquidity provision was larger in 2008-09 than in 1931, when it had been constrained in many countries by the gold standard. Liquidity shortages destroyed the International Monetary system in 1931. By contrast, central bank liquidity could be, and was, provided much more freely in the flexible exchange rate environment of 2008-9. The amount of liquidity provided was 5 ½ - 7 ½ times as much as in 1931. This forestalled a general loss of confidence in the banking system. Drawing on historical experience, central banks, led by the Federal Reserve, established swap facilities quickly and flexibly to provide International liquidity, in some cases setting no upper limit to the amount that could be borrowed.
Waltraud Schelkle - One of the best experts on this subject based on the ideXlab platform.
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what difference does euro membership make to stabilization the political economy of International Monetary Systems revisited
Review of International Political Economy, 2015Co-Authors: Deborah Mabbett, Waltraud SchelkleAbstract:ABSTRACTFor many political economists, the loss of Monetary sovereignty is the major reason why the Southern periphery fared so badly in the Euro area crisis. Monetary sovereignty here means the ability of the central bank to devalue the exchange rate or to buy government debt by printing the domestic currency. We explore this diagnosis by comparing three countries – Hungary, Latvia and Greece – that received considerable amounts of external assistance under different Monetary regimes. The evidence does not suggest that Monetary sovereignty helped Hungary and Latvia to stabilize their economies. Rather, cooperation and external assistance made foreign banks share in the costs of stabilization. By contrast, the provision of liquidity by the European Central Bank inadvertently facilitated the reduction of foreign banks’ exposure to Greece which left the Greek sovereign even more exposed. By viewing the Euro area as a Monetary system rather than an incomplete state, we see that what is needed for Euro area s...
Lilia Costabile - One of the best experts on this subject based on the ideXlab platform.
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current global imbalances and the keynes plan a keynesian approach for reforming the International Monetary system
Structural Change and Economic Dynamics, 2009Co-Authors: Lilia CostabileAbstract:This paper proposes a “logical experiment”, illustrating how alternative International Monetary Systems may produce opposite results in the global economy. In the current organisation, “key currencies” work as International money. Keynes, by contrast, proposed that this role should be assigned to a supranational, “credit” money. While the world currently lives in an asymmetric regime, which lead to what has been defined as a “balance of financial terror”, Keynes tried to achieve a more peaceful type of “International balance”. I argue that the structural reform and the technical provisions proposed by the “Keynes Plan” may still – at least in principle – provide useful remedies for International disequilibria, by remedying the asymmetries of the current International payments architecture and helping to curb both inflationary and deflationary pressures on the world economy.
Deborah Mabbett - One of the best experts on this subject based on the ideXlab platform.
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what difference does euro membership make to stabilization the political economy of International Monetary Systems revisited
Review of International Political Economy, 2015Co-Authors: Deborah Mabbett, Waltraud SchelkleAbstract:ABSTRACTFor many political economists, the loss of Monetary sovereignty is the major reason why the Southern periphery fared so badly in the Euro area crisis. Monetary sovereignty here means the ability of the central bank to devalue the exchange rate or to buy government debt by printing the domestic currency. We explore this diagnosis by comparing three countries – Hungary, Latvia and Greece – that received considerable amounts of external assistance under different Monetary regimes. The evidence does not suggest that Monetary sovereignty helped Hungary and Latvia to stabilize their economies. Rather, cooperation and external assistance made foreign banks share in the costs of stabilization. By contrast, the provision of liquidity by the European Central Bank inadvertently facilitated the reduction of foreign banks’ exposure to Greece which left the Greek sovereign even more exposed. By viewing the Euro area as a Monetary system rather than an incomplete state, we see that what is needed for Euro area s...