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Title

New paradigms and old promises: central banks and the market for sovereign debt in the interwar period

Authors
Lopez Soto, David
Sanchez Amador, David
Publication Genève: Paul Bairoch Institute of Economic History, 2020
Collection Working Papers of the Paul Bairoch Institute of Economic History; 1/2020
Description 42 p.
Abstract This paper analyses the motives behind the establishment of central banks during the interwar period. We argue that most governments with difficulties in accessing financial markets established central banks, as this was a general recommendation provided by contemporary money doctors. However, even if central banks served to facilitate the issue of foreign loans on the New York financial market, we find that governments with central banks did not obtain more favorable terms for those loans. Our analysis further demonstrates that investors concentrated on macroeconomic achievements such as inflation and monetary stability, and whether a lender-of-last resort facility existed, regardless of whether or not this was pursued by a central bank.
Keywords Money doctorsCentral bankingGreat depressionSovereign debt
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FLORES ZENDEJAS, Juan, LOPEZ SOTO, David, SANCHEZ AMADOR, David. New paradigms and old promises: central banks and the market for sovereign debt in the interwar period. 2020 https://archive-ouverte.unige.ch/unige:129346

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Deposited on : 2020-01-23

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