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The European crisis in the context of the history of previous financial crises

Author: Michael D Bordo; Harold James; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2013.
Series: Working paper series (National Bureau of Economic Research), no. 19112.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
There are some striking similarities between the pre 1914 gold standard and EMU today. Both arrangements are based on fixed exchange rates, monetary and fiscal orthodoxy. Each regime gave easy access by financially underdeveloped peripheral countries to capital from the core countries. But the gold standard was a contingent rule--in the case of an emergency like a major war or a serious financial crisis --a country  Read more...
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Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Michael D Bordo; Harold James; National Bureau of Economic Research.
OCLC Number: 847855692
Notes: Title from http://www.nber.org/papers/19112 viewed June 13, 2013.
"June 2013."
Description: 1 online resource (44 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 19112.
Responsibility: Michael D. Bordo, Harold James.

Abstract:

There are some striking similarities between the pre 1914 gold standard and EMU today. Both arrangements are based on fixed exchange rates, monetary and fiscal orthodoxy. Each regime gave easy access by financially underdeveloped peripheral countries to capital from the core countries. But the gold standard was a contingent rule--in the case of an emergency like a major war or a serious financial crisis --a country could temporarily devalue its currency. The EMU has no such safety valve. Capital flows in both regimes fueled asset price booms via the banking system ending in major crises in the peripheral countries. But not having the escape clause has meant that present day Greece and other peripheral European countries have suffered much greater economic harm than did Argentina in the Baring Crisis of 1890.

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