Part I. China's Exchange Rate Regime and Monetary Policy: 1. The renminbi-US dollar exchange rate controversy 2. China's reserve buildup and global imbalances 3. Combating inflation and deflation 4. People's Bank of China policy-making and external pressures (with Pierre Siklos) Part II. The Importance of International Factors, Past and Present: 5. US pressure on China and Hong Kong in the 1930s 6. Inflation transmission to Taiwan in the 1940s (with Hsin-hui I. H. Whited) 7. WTO challenges and China's banking sector today (with Emily Kochanowicz) Part III. The People's Republic Role within Greater China and Asia: 8. Asset market expansion and Shanghai vs. Hong Kong listings of Chinese firms 9. Economic interdependence with Taiwan (with Hsin-hui I. H. Whited) 10. Conclusions and future prospects for the renminbi.
Foreword Anna J. Schwartz 1. The gold standard and related regimes: introduction to the collection Part I. History of Doctrine and the Gold Standard: 2. The gold standard: theory 3. The gold standard: the traditional approach 4. John E. Cairnes on the effects of the Australian gold discoveries, 1851-73: an early application of the methodology of positive economics Part II. The Gold Standard as a Commodity Standard: 5. The classical gold standard: some lessons for today 6. A model of the classical gold standard with depletion written with Richard Wayne Ellson Part III. The Gold Standard as a Contingent Rule: 7. The gold standard as a commitment mechanism written with Finn E. Kydland 8. The operation of the specie standard: evidence for core and peripheral countries, 1880-1990 written with Anna J. Schwartz 9. The gold standard as a 'Good Housekeeping Seal of Approval' written with Hugh Rockoff Part IV. Historical Case Studies: 10. A tale of two currencies: British and French finances during the Napoleonic Wars written with Eugene N. White 11. Money, deflation and seigniorage in the fifteenth century: a review essay Part V. The Bretton Woods International Monetary System: 12. The Bretton Woods International Monetary System: a historical overview 13. Is there a good case for a Bretton Woods International Monetary System? Index.
In 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank's crucial actions during the worst financial crisis since the Great Depression. Taken directly from these historic talks, The Federal Reserve and the Financial Crisis offers insight into the guiding principles behind the Fed's activities and the lessons to be learned from its handling of recent economic challenges. Bernanke traces the origins of the Federal Reserve, from its inception in 1914 through the Second World War, and he looks at the Fed post-1945, when it began operating independently from other governmental departments such as the Treasury. During this time the Fed grappled with episodes of high inflation, finally tamed by then-chairman Paul Volcker. Bernanke also explores the period under his predecessor, Alan Greenspan, known as the Great Moderation. Bernanke then delves into the Fed's reaction to the recent financial crisis, focusing on the central bank's role as the lender of last resort and discussing efforts that injected liquidity into the banking system. Bernanke points out that monetary policies alone cannot revive the economy, and he describes ongoing structural and regulatory problems that need to be addressed. Providing first-hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history.
Preface vii PART ONE: OVERVIEW 3 1. The Macroeconomics of the Great Depression: A Comparative Approach 5 PART TWO: MONEY AND FINANCIAL MARKETS 39 2. Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression 41 3. The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison - With Harold James 70 4. Deflation and Monetary Contraction in the Great Depressim An Analysis by Simple Ratios - With Ilian Mihov 108 PART THREE: LABOR MARKETS 161 5. The Cyclical Behavior of Industrial Labor Markets: A Comparison of the Prewar and Postwar Eras - With James L. Powell 163 6. Employment, Hours, and Earnings in the Depression: An Analysis of Eight Manufacturing Industries 206 7. Unemployment, Inflation, and Wages in the American Depression: Are There Lessons for Europe? - With Martin Parkinson 247 8. Procyclical Labor Productivity and Competing Theories of the Business Cycle: Some Evidence from Interwar U.S. Manufacturing Industries - With Martin Parkinson 255 9. Nominal Wage Stickiness and Aggregate Supply in the Great Depression - With Kevin Carey 276 Index 303
The financial history of interwar Europe was dominated by catastrophic episodes of hyper-inflation, dramatic exchange rate crises, massive and destabilizing movements of gold and capital, and extensive banking failures. In their attempt to restore and sustain the gold standard as the basis of the international monetary system, many countries were compelled to resort to deflationary fiscal and monetary policies of exceptional severity. The policies thus adopted in the 1920s were a major cause of the Great Depression of 1929-33; and this in turn exerted a powerful influence on the subsequent political and economic history of the 1930s. This collection of essays is the work of an international network of economic historians from Europe and the United States convened by the European Science Foundation. It brings together, in an accessible style, current knowledge and understanding of the nature and effects of these developments in banking, currency, and finance in the interwar period. The topics are examined at three levels. In Part I a substantial introductory survey of the central issues over the entire period is followed by special studies of the banking crises, the global capital flows, and the interrelationship of economic and political policies, with each of these themes considered in an international perspective. Part II is devoted to illuminating comparative analyses of the financial and exchange policies of pairs of countries; France and Italy, Britain and Germany, Sweden and Finland, and Belgium and France. The questions addressed by this book, and the temes and patterns it reveals, are relevant both to economic and political historians of the years between the two world wars, and to those interested in contemporary banking and financial problems. This book is intended for economic and political historians; professionals inerested in contemporary banking and financial problems.
Introduction 1. The gold standard and central banking to 1914 2. The worm in the fruit 3. Deflation in practice 4. The franc in peril 5. The guillotine's clean cut: The Bank of France and the Poincare stabilization 6. Rather a faith than a theory: central bank co-operation, 1916-30 7. The gold standard illusion 8. Towards modern central banking 9. Conclusions Appendix I Appendix II
This book opens with defenses of the philosophy of pessimism, first on secular grounds and then again on distinctively Christian grounds with reference to the fallenness of human beings. It then details traditional Christian reasons for optimism with which this philosophy of pessimism can be qualified.
Anknüpfend an die länderübergreifende Rezession Ende der achtziger Jahre, beschäftigt sich die Autorin mit den Auswirkungen von Verschuldung und Deflation auf die realen und monetären Größen einer Volkswirtschaft. Unterschiedliche Verhaltensweisen der relevanten Wirtschaftseinheiten, aber auch institutionelle Besonderheiten führen dazu, daß die Schulden-Deflation mit großen ökonomischen Kosten verbunden ist. Diese bestehen vornehmlich in einer Umverteilung des Vermögens und in einem unerwünschten Rückgang der gesamtwirtschaftlichen Aktivität. Zwei eng miteinander verbundene Fragestellungen durchziehen die Arbeit: erstens der Versuch, die geschilderten Zusammenhänge für die betroffenen Länder empirisch zu verifizieren und zweitens die Frage nach einfachen idealtypischen Modellen, die die interessierenden ökonomischen Beziehungen in entwickelten Volkswirtschaften abbilden. Es zeigt sich, daß Deflationen auf charakteristische Weise die Einkommens- und Vermögenssituation unter den Wirtschaftssubjekten verändern. Der Versuch einzelner Wirtschaftssubjekte, ihre Einkommens- und Vermögensverhältnisse aufrecht zu erhalten, mündet in eine kollektive Verschlechterung. Dieses Phänomen verschärft sich zusätzlich unter dem Einfluß von Schuldbeziehungen. Ein Übergreifen der Zahlungsunfähigkeit der Kreditnehmer auf die Kreditgeber erhöht die Wahrscheinlichkeit, daß eine Rezession in eine Finanzkrise mündet. Die Autorin schließt mit einer Gegenüberstellung der Inflation und der Deflation und kommt zu dem Ergebnis, daß es ökonomisch wenig sinnvoll ist, die Deflation als die Inverse der Inflation zu behandeln.
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