NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Capital Flows, Credit Booms, and Financial Crises in the Classical Gold Standard Era

Christopher M. Meissner

NBER Working Paper No. 18814
Issued in February 2013
NBER Program(s):   DAE

The classical gold standard period, 1880-1913, witnessed deep economic integration. High capital imports were related to better growth performance but may also have created greater volatility via financial crises. I first document the substantial output losses from various types of crises. I then explore the relationship between crises and two forces highlighted in the recent literature on financial crises: international capital movements and credit growth. Neither factor is sufficient to explain financial crises in this period. Instead, interactions between the informational environment, the fiscal situation, the exchange rate regime, and events beyond a nation’s borders all help explain crises. Some examples are provided.

You may purchase this paper on-line in .pdf format from SSRN.com ($5) for electronic delivery.

Information about Free Papers

You should expect a free download if you are a subscriber, a corporate associate of the NBER, a journalist, an employee of the U.S. federal government with a ".GOV" domain name, or a resident of nearly any developing country or transition economy.

If you usually get free papers at work/university but do not at home, you can either connect to your work VPN or proxy (if any) or elect to have a link to the paper emailed to your work email address below. The email address must be connected to a subscribing college, university, or other subscribing institution. Gmail and other free email addresses will not have access.

E-mail:

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w18814

Users who downloaded this paper also downloaded these:
Taylor w18606 External Imbalances and Financial Crises
Barro and Misra w18759 Gold Returns
Goldstein and Razin w18670 Three Branches of Theories of Financial Crises
Bruno and Shin w18942 Capital Flows and the Risk-Taking Channel of Monetary Policy
Aghion, Akcigit, and Howitt w18824 What Do We Learn From Schumpeterian Growth Theory?
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us