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作者:Agir, Seven; Artunc, Cihan
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作者:Texas Christian University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要:This article describes and measures how the Bank of Amsterdam supplied a successful fiat money in a world of specie by offering the unlimited repo of large coins at a near-zero rate. Our data from 1736 to 1791 finds that such liberal access led to volatile loan levels and that the Bank responded with sterilization by means of open market operations. In this way, the Bank held its money stock at a roughly constant level and helped stabilize its value. Profit was another part of the Bank's polic...
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作者:University of Michigan System; University of Michigan
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作者:Utrecht University; Humboldt University of Berlin; Lund University
摘要:With use of innovative proxies and new annual data, I demonstrate that relatively high legal capacity and regulatory activity of the early-modern Polish parliament, the Seym, was positively associated with deeper domestic commodity market integration. Conversely, the lack of effective law-making, caused by the right of a single delegate to discontinue the Seym's sessions, fostered market fragmentation. This indicates that early parliamentary regimes required legal capacity to harmonize domesti...
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作者:Australian National University
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作者:Harris, Max
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作者:Bank of Canada; Queens University - Canada
摘要:In this article we document Canada's trade policy response to late nineteenth and early twentieth century globalization by linking newly digitized annual productspecific data on the value of Canadian imports and duties paid from 1870-1913, to establishment-specific production and location information drawn from the manuscripts of the 1871 industrial census. We find evidence of a highly selective move towards protectionism following the adoption of the National Policy in 1879. Changes in the Ca...
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作者:University of Bonn