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

Christopher Meissner

No 18814, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: E5 E65 G01 N10 N20 (search for similar items in EconPapers)
Date: 2013-02
New Economics Papers: this item is included in nep-his, nep-mac and nep-opm
Note: DAE
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Published as Revista de la Historia de la Economía y de la Empresa (Num.7) Nuevo número de la Revista de la Historia de la Economía y de la Empresa (2013). Dossier: Crisis Financieras en la Historia Luis Mª Bilbao y Ramón Lanza, coordinadores Capital Flows, Credit Booms, and Financial Crises in the Classical Gold Standard Era. Pág.65. Christopher M. Meissner (University of California, Davis, and NBER)

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