By Barry J. Eichengreen
ISBN-10: 069102880X
ISBN-13: 9780691028804
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Example text
See Barsky and DeLong 1991. 29 30 19 CHAPTER TWO Why did countries not restore international bimetallism in the late 1870s or early 1880s when gold's deflationary bias had become apparent? A large part of the answer is that network externalities created coordination problems for countries that would have wished to undertake such a shift. The move was in no one country's interest unless other countries moved simultaneously. No one country's return to bimetallism would significantly increase the world money supply and price level.
Concerned about the level of its own reserve, the Bank had refused to meet the demand for discounts. At the height of the panic it had failed to grant advances against government securities. 66 The panic was severe. Partly as a result of this experience, the Bank of England had gained greater awareness of its lender-of-Iast-resort responsibilities by the time of the Baring crisis in 1890. The problem was that its desire to act as a lender of last resort might clash with its responsibilities as steward of the gold standard.
And as capital inflows dried up, exports suffered from the scarcity of credit. Shocks to the current and capital accounts thus reinforced each other. Finally, the special constellation of social and political factors that supported the operation of the gold standard in Europe functioned less powerfully elsewhere. S. experience illustrates the point. Doubts about the Cairncross 1953, p. 188. See also Feis 1930 and Fishlow 1985. Other countries had weaker commercial ties with the markets to which they lent; their foreign lending did not stimulate exports of capital goods to the same extent.
Globalizing Capital by Barry J. Eichengreen
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