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

Caroline Denise

Revue économique, 2001, vol. 52, issue 2, 415-430

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

JEL-codes: E58 F33 F34 N23 (search for similar items in EconPapers)
Date: 2001
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