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Les déterminants et les acteurs du prêt international en dernier ressort pendant la période de l'étalon-or classique (1890-1914). Quelques enseignements pour l'avenir

Author

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  • Caroline Denise
Abstract
This article examines two dimensions of the international lender of last resort function under the gold standard. The first one deals with the macroeconomic foundations of the rise of cooperation associated with financial interdependence. They explain why cooperation stems from common interests and sometimes casual complementarities. The second one deals with the microeconomic reasons for the upshot of the management of crises and for the share of responsibilities by the interplay between various actors-states, central banks and commercial banks. These analyses are then related to the current debate around the organisation of International Lender of Last Resort arrangements to see if lessons can be learnt from the past. Classification JEL : E58, F33, F34, N23

Suggested Citation

  • Caroline Denise, 2001. "Les déterminants et les acteurs du prêt international en dernier ressort pendant la période de l'étalon-or classique (1890-1914). Quelques enseignements pour l'avenir," Revue économique, Presses de Sciences-Po, vol. 52(2), pages 415-430.
    • Handle: RePEc:cai:recosp:reco_522_0415
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    Citations

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    Cited by:

    1. M. Berlemann & Nikolay Nenovsky, 2003. "Lending of First Versus Lending of Last Resort: The Bulgarian Financial Crisis of 1996/1997," Post-Print halshs-00260241, HAL.

    More about this item

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

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