Central Bank Balance Sheets: Expansion and Reduction since 1900

Niall Ferguson, Andreas Schaab (schaab.aj@gmail.com) and Moritz Schularick

No 5379, CESifo Working Paper Series from CESifo

Abstract: In this paper we study the evolution of central banks’ balance sheets in 12 advanced economies since 1900. We find that balance sheet size in most developed countries has fluctuated within rather clearly defined bands relative to output. Historically, clusters of big expansions and contractions of balance sheets have been associated with periods of geopolitical or financial crisis. Relative to the size of the financial sector, central bank balance sheets had shrunk dramatically in the three decades preceding the global financial crisis. By that yardstick, their recent expansion partly marks a return to earlier levels.

Keywords: central banks; monetary policy; financial history (search for similar items in EconPapers)
JEL-codes: E51 E58 N10 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

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Working Paper: Central Bank Balance Sheets: Expansion and Reduction since 1900 (2015)
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