International Financial History in the Twentieth Century :System and Anarchy ( Publications of the German Historical Institute )

Publication subTitle :System and Anarchy

Publication series :Publications of the German Historical Institute

Author: Marc Flandreau;Carl-Ludwig Holtfrerich;Harold James;  

Publisher: Cambridge University Press‎

Publication year: 2003

E-ISBN: 9781316899144

P-ISBN(Paperback): 9780521819954

P-ISBN(Hardback):  9780521819954

Subject: F821.0 monetary policy

Keyword: 世界史

Language: ENG

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Description

This book presents a history of the international financial system in terms of the globalization debate. The essays in this book, written by some of the leading experts in the field and covering over a hundred years of economic history, examine the history of the international financial system in terms of the debate about globalization and its limits. The essays in this book, written by some of the leading experts in the field and covering over a hundred years of economic history, examine the history of the international financial system in terms of the debate about globalization and its limits. The essays, written by leading experts, examine the history of the international financial system in terms of the debate about globalization and its limits. In the nineteenth century, international markets existed without international institutions. A response to the problems of capital flows came in the form of attempts to regulate national capital markets (for instance through the establishment of central banks). In the inter-war years, there were (largely unsuccessful) attempts at designing a genuine international trade and monetary system; and at the same time (coincidentally) the system collapsed. In the post-1945 era, the intended design effort was infinitely more successful. The development of large international capital markets since the 1960s, however, increasingly frustrated attempts at international control. The emphasis has shifted in consequence to debates about increasing the transparency and effectiveness of markets; but these are exactly the issues that already dominated the nineteenth-century discussions. Contributors; Preface; Introduction Marc Flandreau and Harold James; 1. Caveat Emptor: coping with sovereign risk under the international gold standard, 1871–1913 Marc Flandreau; 2. Conduits for long-term foreign investment in the gold standard era Mira Wilkins; 3. The gold-exchange standard: A reinterpretation Stephen A. Schuker; 4. The bank of France and the gold standard, 1914–28 Kenneth Mouré; 5. Keynes's road to Bretton Woods: an essay in interpretation Robert Skidelsky; 6. Bretton Woods and the European neutrals, 1944–73 Jakob Tanner; 7. The 1948 monetary reform in Western Germany Charles P. Kindleberger and F. Taylor Ostrander; 8. The burden of power: military aspects of international financial relations during the long 1950s Werner Abelshauser; 9. Denationalizing money? Economic liberalism and the 'national question' in currency affairs Eric Helleiner; 10. International financial institutions and national economic governance: aspects of the new adjustment agenda in historical perspective Louis W. Pauly; Index. Review of the hardback: '… consistently well written … This book is exceptional in the clarity of the prose and the breadth of coverage … the collection will be particularly useful to provide easily understood surveys on the topics for postgraduate teaching as well as showing different research methodologies and approaches.' Business History Review of the hardback: 'It covers much more ground than the twentieth century and is really about the international monetary system since it began in the middle of the nineteenth century.' History

Chapter

THE SERVICE DES ETUDES FINANCIÈRES, 1871–1914

The Founding of the SEF: Speculations

The First Years of the Service, 1871–1889

The Rise of the SEF, 1889–1914

The Public Debts Unit

The Glory and the Power: SEF Propaganda During the Belle Epoque

SOVEREIGN “RATING” AT THE LYONNAIS

Fiscal Concerns, Statistical Doubts, and the Making of a Framework of Analysis

“Une méthode rationnelle”

Toward Quasi-Cardinal “Ratings”

CONCLUSIONS: MARKET OPINION AND WILLINGNESS TO LEND

APPENDIX: ESTIMATING THE LYONNAIS GRADING FORMULA

2 Conduits for Long-Term Foreign Investment in the Gold Standard Era

PORTFOLIO INVESTMENTS: GOVERNMENT BONDS TRADED ON FOREIGN MARKETS

PORTFOLIO INVESTMENTS: RAILROAD BONDS TRADED ON FOREIGN MARKETS

PORTFOLIO INVESTMENTS: OTHER SECURITIES TRADED ON FOREIGN MARKETS

GENERALIZATIONS ON THESE PORTFOLIO INVESTMENTS

OTHER PORTFOLIO INVESTMENTS

DIRECT INVESTMENTS: FREE-STANDING COMPANIES

DIRECT INVESTMENTS: CLASSIC MULTINATIONAL ENTERPRISES

DIRECT INVESTMENTS: THE MIX AND THE NUMBERS

CONCLUSION

3 The Gold-Exchange Standard

I

II

III

4 The Bank of France and the Gold Standard, 1914–1928

THE PROMISE TO RETURN TO GOLD, AUGUST 1914–JUNE 1924

THE CARTEL DES GAUCHES AND THE CRISIS, 1924–1926

RETURNING TO GOLD, 1926–1928

5 Keynes’s Road to Bretton Woods

INTRODUCTION

THE POLITICAL ECONOMY OF THE 1930S

KEYNES AND THE INTERNATIONAL MONETARY ORDER

KEYNES AND SCHACHT

ARTICLE VII

THE UPSHOT

CONCLUSION

6 Bretton Woods and the European Neutrals, 1944–1973

FROM THE STARTING POINT IN 1944 TO THE BREAKDOWN IN 1971–1973

THE BRETTON WOODS CONFERENCE AS A CHALLENGE FOR SWITZERLAND

7 The 1948 Monetary Reform in Western Germany

BACKGROUND

EARLY GERMAN THOUGHT

INITIAL U.S. AND U.K. EXPLORATIONS

BASIC IDEAS

CONCLUSIONS

REFERENCES

8 The Burden of Power

I

II

III

IV

V

9 Denationalizing Money?

THE GOLD STANDARD ANDTHE “NATIONALIZATION OF MONEY”

HAYEK’S RE-EVALUATION OF THE “NATIONAL QUESTION”

The Cosmopolitanism and Individualism of Economic Liberalism

Popular Sovereignty and National Currencies

TOWARDA DENATIONALIZATION OF MONEY?

CONCLUSION

10 International Financial Institutions and National Economic Governance

OVERVIEW

ANALYTICAL CONTEXT

THE LEAGUE OF NATIONS AND INDUSTRIAL ORGANIZATION AND BUSINESS PRACTICE

THE POSTWAR ECONOMIC ORDER

TOWARD A NEW ORDER?

Index

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