作者:Rutgers University System; Rutgers University New Brunswick
摘要:This article surveys the co-evolution of monetary policy and financial stability for a number of countries from 1880 to the present. Historical evidence on the incidence, costs, and determinants of financial crises (the most extreme form of financial instability), combined with narratives on some famous financial crises, suggests that financial crises have many causes, including credit-driven asset price booms, which have become more prevalent in recent decades, but in general financial crises...
作者:University of California System; University of California Merced
作者:State University of New York (SUNY) System; Binghamton University, SUNY
作者:University of California System; University of California Irvine
作者:Federal Reserve System - USA; Federal Reserve System Board of Governors; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
作者:University of Munich; University of Oxford
摘要:We study trade in Europe after the fall of the Iron Curtain, and show that the countries of the former Austro-Hungarian monarchy trade significantly more with one another after 1989 than predicted by a standard gravity model. Cultural trading capital, established under Habsburg rule and maintained in the period of the Iron Curtain, seems to have survived over four decades of separation and gives an initial boost to trade. This surplus trade disappeared rapidly after 1990 as countries rearrange...