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Redish, Angela 1952-

Works: 53 works in 198 publications in 1 language and 1,315 library holdings
Genres: History  Textbooks  Case studies 
Roles: Author, Honoree
Classifications: HG221, 332
Publication Timeline
Publications about Angela Redish
Publications by Angela Redish
Most widely held works by Angela Redish
Bimetallism : an economic and historical analysis by Angela Redish( Book )
15 editions published between 2000 and 2006 in English and held by 434 libraries worldwide
"This book presents a history of bimetallic monetary Systems in Western economies and explains why bimetallic standards - rather than silver or gold standards - were in use from the time of Charlemagne until the nineteenth century. Professor Redish argues that token money was a necessary complement to a gold standard, but token money (a fortiori fiat money) needed technological and political expertise that were not in place until the nineteenth century. This book chronicles the difficulties of operating bimetallic standards, and the evolution of the technological and political prerequisites for the gold standard."--Jacket
A small open economy in depression : lessons from Canada in the 1930's by Caroline M Betts( Book )
13 editions published between 1993 and 1996 in English and held by 50 libraries worldwide
This paper tests the hypothesis that idiosyncratic U.S. disturbances and their international propagation can account for the global Depression. Exploiting common stochastic trends in U.S. and Canadian interwar data, we estimate a small open economy model for Canada that decomposes output fluctuations into sources identifiable with world and country-specific disturbances. We find that the onset, depth and duration of output collapse in both Canada and the U.S. are primarily attributable to a common, permanent output shock leaving little significant role for idiosyncratic disturbances originating in either economy
Is deflation depressing? : evidence from the classical gold standard by Michael D Bordo( Book )
12 editions published in 2003 in English and held by 50 libraries worldwide
We distinguish between good and bad deflations. In the former case, falling prices may be caused by aggregate supply (possibly driven by technology advances) increasing more rapidly than aggregate demand. In the latter case, declines in aggregate demand outpace any expansion in aggregate supply. This was the experience in the Great Depression (1929-33), the recession of 1919-21, and may be the case in Japan today. In this paper we focus on the price level and growth experience of the United States and Canada, 1870-1913. Both countries adhered to the international gold standard. This meant that the domestic price level was largely determined by international (exogenous) forces. In addition, neither country had a central bank which could intervene in the gold market to shield the domestic economy from external conditions. We proceed by identifying separate supply' shocks, money supply shocks and demand shocks using a Blanchard-Quah methodology. We model the economy as a small open economy on the gold standard and identify the shocks by imposing long run restrictions on the impact of the shocks and on output prices. We then do a historical decomposition to examine the impact of each shock on output. The results for the U.S. are clear: the different rates of change in the price levels before and after 1890 are attributed to different monetary shocks, but these shocks explain very little of output growth or volatility, which is almost entirely a response to supply' shocks. For Canada the results are murkier. As in the U.S., the money supply shocks before 1896 are predominantly negative and after that are largely positive. However, they are non-neutral, and relative to the U.S., money supply shocks play a larger role in determining output behavior in Canada. The key conclusion of our analysis is that the simple demarcation of good vs. bad deflation, where either prices fall because of a positive supply shock, or prices fall because of a negative demand (money) shock does not capture the complexity oe historical experience of the pre-1896 period. Indeed, we find that prices fell as a result of a combination of negative money supply shocks and positive supply shocks
How "original sin" was overcome : the evolution of external debt denominated in domestic currencies in the United States and the British dominions 1800-2000 by Michael D Bordo( Book )
12 editions published in 2003 in English and held by 48 libraries worldwide
This paper examines the historical origins of "Original Sin" or why countries are unable to issue long term debt domestically or borrow abroad in terms of the domestic currency. We conduct an historical case study for a group of countries that had largely overcome the problem of Original Sin by the third quarter of the twentieth century. The group consists of several former colonies of Great Britain: the United States, Canada, Australia, New Zealand and South Africa. We trace out their debt history relating the currency to the place of issue, exploring the residency of those holding local and foreign currency debt and looking at the maturity of domestic debt in the nineteenth and twentieth centuries. We find that sound fiscal institutions, high credibility of the monetary regime and good financial development are not sufficient to completely break free from Original Sin. Conversely, poor performance in these policy realms is not, for the most part, a necessary condition for Original Sin. The factor we emphasize for the common movements across the five countries is the role of shocks such as wars, massive economic disruption and the emergence of global markets. The differences in evolution between the U.S. and the Dominions we attribute to differences in size, the traits of a key currency, which the U.S. possessed and the others did not, and to membership in the British Empire. The important role of major shocks suggests that the establishment of a bond market involved significant start-up costs, while the role of scale suggests that network externalities and liquidity were pivotal in the existence of overseas markets in domestic currency debt
A comparison of the United States and Canadian banking systems in the twentieth Century : stability vs. efficiency? by Michael D Bordo( Book )
10 editions published between 1993 and 1996 in English and held by 46 libraries worldwide
This paper asks whether the vaunted comparative stability of the Canadian banking system has been purchased at the cost of creating an oligopoly. We assembled a data set that compares bank failures, lending rates, interest paid on deposits and related variables over the period 1920 to 1980. Our principal findings are that: (1) interest rates paid on deposits were generally higher in Canada; (2) interest income received on securities was generally slightly higher in Canada; (3) interest rates charged on loans were generally quite similar; (4) net rates of return to equity were generally higher in Canada than in the U.S
Good versus bad deflation : lessons from the gold standard era by Michael D Bordo( Book )
11 editions published in 2004 in English and held by 44 libraries worldwide
Deflation has had a bad rap, largely based on the experience of the 1930's when deflation was synonymous with depression. Recent experience with declining prices in Japan and China together with the concern over deflation in Europe and the United States has led to renewed attention to the topic of deflation. In this paper we focus our attention on the deflation experience of the United States, the United Kingdom, and Germany in the late nineteenth century during a period characterized by low deflation, rapid productivity growth, positive output growth, and where many nations had a credible nominal anchor based on gold: circumstances which have resonance with the world of today. We identify aggregate supply, aggregate demand, and money supply shocks using a structural panel vector autoregression. We then use historical decompositions to investigate the impact that these structural shocks had on output and prices. Our findings are that the deflation of the late nineteenth century reflected both positive aggregate supply shocks and negative money supply shocks. However, the negative money supply shocks had little effect on output. This we posit is because the aggregate supply curve was very steep in the short run during this period. This contrasts greatly with the deflation experience during the Great Depression. Thus our empirical evidence suggests that deflation in the nineteenth century was primarily good
Maximizing seignorage revenue during temporary suspensions of convertibility : a note by Michael D Bordo( Book )
11 editions published between 1992 and 1994 in English and held by 40 libraries worldwide
This note extends the theory of the revenue maximizing rate of monetary growth to the case of a temporary suspension of convertibility. It also suggests a methodology for the interpretation of monetary behavior during historical periods of inconvertibility. First we analyze the case of a government with a monopoly over currency issue. The government maximizes seignorage revenue by generating an inflation, but the terminal condition of a return to convertibility implies that the price level must drop at the point of suspension of convertibility, so that there is no discontinuity at the date of resumption. We then consider the behavior of a private banking system whose monetary liabilities are temporarily inconvertible. The model is then used to interpret monetary behaviour during the suspension of convertibility by U.S. banks in 1837/8
Seventy years of central banking : the Bank of Canada in international context, 1935-2005 by Michael D Bordo( Book )
11 editions published in 2005 in English and held by 37 libraries worldwide
Abstract: On the seventieth birthday of the Bank of Canada, we evaluate the Bank's contribution to monetary policy in an international context. We focus on: the reasons for the establishment of the central bank in 1935, its unique record of floating in a sea of fixed currencies under Bretton Woods; its experience with the Great Inflation and monetarism; its pioneering adoption of inflation targeting; and recent innovations in the payments and the phasing out of reserve requirements
Why did the bank of Canada emerge in 1935? by Michael D Bordo( Book )
12 editions published between 1986 and 1988 in English and held by 32 libraries worldwide
Three possible explanations for the emergence of the Canadian central bank in 1935 are examined: that it reflected the need of competitive banking systems for a lender of the last resort; that it was necessary to anchor the unregulated Canadian monetary system after the abandonment of the gold standard in 1929; and that it was a response to political rather than purely economic pressures. Evidence from a variety of sources (contemporary statements to a Royal Commission, the correspondence of chartered bankers, newspaper reports, academic writings and the estimation of time series econometric models) rejects the first two hypotheses and supports the third
Credible commitment and exchange rate stability : Canada's interwar experience by Michael D Bordo( Book )
9 editions published between 1987 and 1991 in English and held by 25 libraries worldwide
In January 1929 the Canadian government suspended gold exports and began a floating exchange rate regime that endured until the onset of World War 11. In sharp contrast with the experience of other countries which left the gold standard, deflation and declining economic activity continued in Canada until 1933. This paper examines the determinants of the Canadian exchange rate in the 1930's and provides an answer to the question of why the Canadian dollar did not depreciate in the early 1930's despite Canada's de facto departure from the Gold Standard. We develop the answer in two stages. First, we show that the government made a clear commitment to maintain a contractionary monetary policy. It did so because it believed: that monetary expansion would increase the value of external obligations without reducing the value of domestic obligations; and that even if all contractual obligations were met, Canada would lose her reputation as a responsible debtor. Second, we argue that the government's commitment was viewed by the public as credible. The credible commitment dominated market agent's expectations of the evolution of the exchange rate
Money, banking, and financial markets by Stephen G Cecchetti( Book )
2 editions published in 2010 in English and held by 23 libraries worldwide
By focusing on the big picture via core principles, this title teaches students the rationale for financial rules and institutional structure. It focuses on the basic functions served by the financial system while deemphasizing its structure and rules. It offers a student-friendly approach to the subject
A comparison of the stability and efficiency of the Canadian and American banking systems, 1870-1925 by Michael D Bordo( Book )
7 editions published between 1994 and 1996 in English and held by 20 libraries worldwide
In this paper we compare the performance of the U.S. and Canadian banking systems from 1870-1925 in terms of stability and efficiency. In an earlier study we found that the Canadian banking system, based on nationwide branch banking, dominated the U.S. system, based on unit banking, on both criteria in the period 1920-1980. In this study we find that there is little significant difference between the two systems in the preceding 50 years. The difference between the two periods we attribute to the merger movement in Canada after 1900 which allowed the Canadian banking system to evolve from a system with incomplete regional diversification, and hence subject to a significant risk of an occasional failure by a large bank, to one characterized by national diversification and greater stability. The greater stability in turn allowed the financial structure of the banking system to evolve in a more efficient direction
Coin sizes and payments in commodity money systems by Angela Redish( Book )
5 editions published in 2008 in English and held by 10 libraries worldwide
Commodity money standards in medieval and early modern Europe were characterized by recurring complaints of small change shortages and by numerous debasements of the coinage. To confront these facts, we build a random matching monetary model with two indivisible coins with different intrinsic values. The model shows that small change shortages can exist in the sense that changes in the size of the small coin affect ex ante welfare. Further, the optimal ratio of coin sizes is shown to depend upon the trading opportunities in a country and a country's wealth. Thus, coinage debasements can be interpreted as optimal responses to changes in fundamentals. Further, the model shows that replacing full-bodied small coins with tokens is not necessarily welfare-improving
Is there a social policy in British Columbia? : who has been hurt and why? by Angela Redish( Book )
3 editions published in 1984 in English and Undetermined and held by 10 libraries worldwide
An analysis of the 1985/86 British Columbia budget : jousting at windmills by Angela Redish( Book )
3 editions published in 1985 in English and held by 8 libraries worldwide
Why didn't Canada have a banking crisis in 2008 (or in 1930, or 1907, or ...)? by Michael D Bordo( Book )
5 editions published in 2011 in English and held by 8 libraries worldwide
The financial crisis of 2008 engulfed the banking system of the United States and many large European countries. Canada was a notable exception. In this paper we argue that the structure of financial systems is path dependent. The relative stability of the Canadian banks in the recent crisis compared to the United States in our view reflected the original institutional foundations laid in place in the early 19th century in the two countries. The Canadian concentrated banking system that had evolved by the end of the twentieth century had absorbed the key sources of systemic risk-the mortgage market and investment banking-and was tightly regulated by one overarching regulator. In contrast the relatively weak, fragmented, and crisis prone U.S. banking system that had evolved since the early nineteenth century, led to the rise of securities markets, investment banks and money market mutual funds (the shadow banking system) combined with multiple competing regulatory authorities. The consequence was that the systemic risk that led to the crisis of 2008 was not contained
Why was specie scarce in colonial economies? : an analysis of the Canadian currency, 1796-1820 by Angela Redish( Book )
3 editions published in 1983 in English and held by 7 libraries worldwide
The economic crisis of 1837-39 in Upper Canada : case study of a temporary suspension of specie payments by Angela Redish( Book )
4 editions published in 1983 in English and held by 7 libraries worldwide
Putting the 'System' in the International Monetary System by Michael D Bordo( Book )
5 editions published in 2013 in English and held by 5 libraries worldwide
The international gold standard of the late nineteenth century has been described as a system of 'spontaneous order', capturing the idea that its architects at the time were fashioning domestic monetary systems which created a system of fixed exchange rates almost as a by-product. In contrast the framers of the Bretton Woods System were intentional in building an international monetary system and so it is by advocates of designing an international monetary order. In this paper we examine the transition from spontaneous order circa 1850 to designed system and then back towards spontaneous order in the late twentieth century, arguing that it is an evolution with multiple stops and starts, and that the threads that underlie the general tendency through these hesitations are the interplay between monetary and fiscal factors and the evolution of the financial system. This transformation is embedded within deep evolving political fundamentals including the rise of democracy, nationalism, fascism and communism and two world wars
Transferring wealth and power from the old to the new world : monetary and fiscal institutions in the 17th through the 19th century by Forrest Capie( file )
1 edition published in 2001 in English and held by 0 libraries worldwide
This collection of essays compares the evolution of the fiscal and monetary regimes of the old world colonial powers: England, France, Spain, Portugal and the Netherlands from the 17th to the 19th century with the experiences of several of their former colonies in the New World of the Americas
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