Michael D Bordo
Dados Biográficos
| ID | 958976 |
|---|---|
| NOME | Michael D Bordo |
| PRENOMES | Michael D |
| SOBRENOME | Bordo |
| ASSINATURA | BORDO M D |
| AFILIAÇÕES | Rutgers, the State University of New Jersey |
| ORCID | 0000-0003-1426-8203 |
| VERIFICADO | Sim |
| TOTAL DE OBRAS | 36 |
| TOTAL DE CITAÇÕES | 237 |
| TOTAL COMO AUTOR | 35 |
| TOTAL COMO EDITOR | 1 |
| PRIMEIRO ANO DE PUBLICAÇÃO | 1974 |
| ANO MAIS RECENTE DE PUBLICAÇÃO | 2024 |
| ÍNDICE H | 7 |
Central bank digital currencies
We consider the debut of a new monetary instrument, central bank digital currencies (CBDCs). Drawing on examples from monetary history, we argue that a successful monetary transformation must combine microeconomic efficiency with macroeconomic credibility. A paradoxical feature of these transformations is that success in the micro dimension can encourage macro failure. Overcoming this paradox may require politically uncomfortable compromises. We …
Another history of global financial markets
We examine local and global equity market integration since 1900 using network methods. The analysis uncovers a new stylised fact about equity market integration over the past 120 years. Local equity market integration generally increases over the entire sample period. This finding is at odds with much of the existing literature that describes long‐run market integration as following a U‐shape pattern. Global stock market integration peaks in 191…
How Monetary Policy Got Behind the Curve--And How to Get Back
The Gold Pool (1961-1968) and the Fall of the Bretton Woods System
The Gold Pool was probably the most ambitious case of central bank cooperation in history. Major central banks pooled interventions to stabilize the dollar price of gold. Why did it collapse? From at least 1964, the fate of the Pool was, in fact, tied to sterling, the first line of defense for the dollar. Sterling's devaluation in November 1967 eventually spurred speculation and unbearable losses for the Pool. Inflationary U.S. policies were weak…
An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime
This article surveys the co-evolution of monetary policy and financial stability for a number of countries from 1880 to the present. Historical evidence on the incidence, costs, and determinants of financial crises (the most extreme form of financial instability), combined with narratives on some famous financial crises, suggests that financial crises have many causes, including credit-driven asset price booms, which have become more prevalent in…
International shocks and the balance sheet of the Bank of France under the classical gold standard
Why didn't Canada have a banking crisis in 2008 (or in 1930, or 1907, or …)
The financial crisis of 2008 engulfed the banking system of the US and many large European countries. Canada was a notable exception. In this article we argue that the structure of financial systems is path‐dependent. The relative stability of the Canadian banks in the recent crisis compared to the US in our view reflected the original institutional foundations laid in place in the early nineteenth century in the two countries. The Canadian conce…
Sudden stops
The Yield Curve as a Predictor of Growth
This paper brings historical evidence to bear on the stylized fact that the yield curve predicts future growth. The spread between corporate bonds and commercial paper reliably predicts future growth over the period 1875–1997. This predictability varies over time, however, and has been strongest in the post–World War II period
Foreign Capital and Economic Growth in the First Era of Globalization
We explore the association between income and international capital flows between 1880 and 1913. Capital inflows are associated with higher incomes per capita in the long-run, but capital flows also brought income volatility via financial crises. Crises also decreased growth rates of income per capita significantly below trend for at least two years leading to important short term output losses. Countries just barely made up for these losses over…
Globalization in Historical Perspective (National Bureau of Economic Research Conference Report)
Globalization in Historical Perspective
Considers globalization in the context of the history of international trade. Its eleven papers explore a synthesized variety of topics, including how the process of globalization can be measured by the long-term integration of markets, what trends and questions develop as markets converge and diverge and others
Globalization in Historical Perspective
IS-LM and Monetarism
This paper discusses monetarist objections to the IS-LM model. We explore the views of two principal spokesmen for monetarism: Milton Friedman and the team of Karl Brunner and Allan Meltzer. Friedman did not explicitly state the reasons he generally chose not to use the IS-LM model in rejecting Keynesian views on the demand function for money, the role of autonomous expenditures in cyclical fluctuations, the potency of fiscal policy as against mo…
Aggregate price shocks and financial stability
Was Expansionary Monetary Policy Feasible during the Great Contraction? An Examination of the Gold Standard Constraint
The Gold Standard as a “Good Housekeeping Seal of Approval”
In this article we argue that during the period from 1870 to 1914 adherence to the gold standard was a signal of financial rectitude, a “good housekeeping seal of approval”, that facilitated access by peripheral countries to capital from the core countries of western Europe. Examination of data from nine widely different capital-importing countries, using a model inspired by the Capital Asset Pricing Model, reveals that countries with poor record…
The Gold Standard As a Rule
The U.S. Banking System From a Northern Exposure
This article asks whether the vaunted comparative stability of the Canadian banking system has been purchased at the cost of creating an oligopoly. We assembled a data set that compares bank failures, lending rates, interest paid on deposits, and related variables over the period 1920 to 1980. Our principal findings are (1) interest rates paid on deposits were generally higher in Canada; (2) interest income received on securities was generally sl…
A Retrospective on the Bretton Woods System
Journal Article A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform Get access A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform. Edited by BORDO (MICHAEL D.) and Eichengreen (Barry). (Chicago and London: University of Chicago Press, 1993. Pp. xiii + 675. £59.95 hardback, US S86.25 hardback. ISBN 0 226 06587 1.) Casper G. de Vries Casper G. de Vries Tinbergen Institute, Rotte…
Financial Crises
A Retrospective on the Bretton Woods System
A Tale of Two Currencies
The record of British and French finance during the Napoleonic wars presents the striking picture of a financially strong nation abandoning the gold standard, borrowing heavily, and generating inflation, while a financially weaker country followed more "orthodox" policies. This paradoxical behavior is explained by Britain's strong credibility that allowed more flexible policies, while France's poor reputation forced reliance on taxation
Richard Cantillon
The Long-Run behavior of the Velocity of Circulation
The Long-Run Behavior of the Velocity of Circulation: The International Evidence. By D. BORDO MICHAEL and LARS JONUNG. (Cambridge: Cambridge University Press, 1987. Pp. xiv+181. £22.50, US $34.50 hardback. ISBN 0521 326338.)
The Gold Standard as a “Good Housekeeping Seal of Approval”
In this article we argue that during the period from 1870 to 1914 adherence to the gold standard was a signal of financial rectitude, a “good housekeeping seal of approval”, that facilitated access by peripheral countries to capital from the core countries of western Europe. Examination of data from nine widely different capital-importing countries, using a model inspired by the Capital Asset Pricing Model, reveals that countries with poor record…
The Gold Standard As a Rule
A Tale of Two Currencies
The record of British and French finance during the Napoleonic wars presents the striking picture of a financially strong nation abandoning the gold standard, borrowing heavily, and generating inflation, while a financially weaker country followed more "orthodox" policies. This paradoxical behavior is explained by Britain's strong credibility that allowed more flexible policies, while France's poor reputation forced reliance on taxation
A Retrospective on the Bretton Woods System
Journal Article A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform Get access A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform. Edited by BORDO (MICHAEL D.) and Eichengreen (Barry). (Chicago and London: University of Chicago Press, 1993. Pp. xiii + 675. £59.95 hardback, US S86.25 hardback. ISBN 0 226 06587 1.) Casper G. de Vries Casper G. de Vries Tinbergen Institute, Rotte…
The U.S. Banking System From a Northern Exposure
This article asks whether the vaunted comparative stability of the Canadian banking system has been purchased at the cost of creating an oligopoly. We assembled a data set that compares bank failures, lending rates, interest paid on deposits, and related variables over the period 1920 to 1980. Our principal findings are (1) interest rates paid on deposits were generally higher in Canada; (2) interest income received on securities was generally sl…
Was Expansionary Monetary Policy Feasible during the Great Contraction? An Examination of the Gold Standard Constraint
John E. Cairnes on the Effects of the Australian Gold Discoveries, 1851–73
Research Article| September 01 1975 John E. Cairnes on the Effects of the Australian Gold Discoveries, 1851–73: An Early Application of the Methodology of Positive Economics Michael David Bordo Michael David Bordo Search for other works by this author on: This Site Google History of Political Economy (1975) 7 (3): 337–359. https://doi.org/10.1215/00182702-7-3-337 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search …
International shocks and the balance sheet of the Bank of France under the classical gold standard
Sudden stops
Money and prices in the 19th century
The Effects of Monetary Change on Relative Commodity Prices and the Role of Long-Term Contracts
The traditional explanation for the pattern of commodity price adjustment to monetary change, which stresses factors affecting the short-run elasticities of supply and demand in different markets, does not take into account price flexibility. This paper offers an explanation for the pattern of commodity price adjustment to monetary change based on differing degrees of price flexibility across industries, where price flexibility is determined by c…
The Pattern of Citations in Economic Theory 1945-68
Research Article| June 01 1979 The Pattern of Citations in Economic Theory 1945–68: An Exploration Towards a Quantitative History of Thought Michael David Bordo; Michael David Bordo Search for other works by this author on: This Site Google Daniel Landau Daniel Landau Search for other works by this author on: This Site Google History of Political Economy (1979) 11 (2): 240–253. https://doi.org/10.1215/00182702-11-2-240 Cite Icon Cite Share Icon S…
Why Did the Bank of Canada Emerge in 1935
Three possible explanations for the emergence of the Canadian central bank in 1935 are examined: that it reflected the need of competitive banking systems for a lender of last resort, that it was necessary to anchor the unregulated Canadian monetary system after abandonment of the gold standard in 1929, and that it was a response to political rather than purely economic pressures. Evidence from a variety of sources (contemporary statements to a R…
Explorations in monetary history
The Long-Run behavior of the Velocity of Circulation
The Long-Run Behavior of the Velocity of Circulation: The International Evidence. By D. BORDO MICHAEL and LARS JONUNG. (Cambridge: Cambridge University Press, 1987. Pp. xiv+181. £22.50, US $34.50 hardback. ISBN 0521 326338.)
The income effects of the sources of new money
Globalization in Historical Perspective
IS-LM and Monetarism
This paper discusses monetarist objections to the IS-LM model. We explore the views of two principal spokesmen for monetarism: Milton Friedman and the team of Karl Brunner and Allan Meltzer. Friedman did not explicitly state the reasons he generally chose not to use the IS-LM model in rejecting Keynesian views on the demand function for money, the role of autonomous expenditures in cyclical fluctuations, the potency of fiscal policy as against mo…
Aggregate price shocks and financial stability
Money and Prices in the Nineteenth Century
In recent work, W. W. Rostow and W. A. Lewis have forcefully argued that real, not monetary, forces explain major periods of inflation and deflation in both the United States and Great Britain from 1797 to 1914. For them, changes in relative growth rates of agricultural and industrial output induce changes in the relative prices of major commodities and in the overall price level. A test of the substitutability of wheat for other primary products…
The Gold Pool (1961-1968) and the Fall of the Bretton Woods System
The Gold Pool was probably the most ambitious case of central bank cooperation in history. Major central banks pooled interventions to stabilize the dollar price of gold. Why did it collapse? From at least 1964, the fate of the Pool was, in fact, tied to sterling, the first line of defense for the dollar. Sterling's devaluation in November 1967 eventually spurred speculation and unbearable losses for the Pool. Inflationary U.S. policies were weak…
An Historical Perspective on the Quest for Financial Stability and the Monetary Policy Regime
This article surveys the co-evolution of monetary policy and financial stability for a number of countries from 1880 to the present. Historical evidence on the incidence, costs, and determinants of financial crises (the most extreme form of financial instability), combined with narratives on some famous financial crises, suggests that financial crises have many causes, including credit-driven asset price booms, which have become more prevalent in…
The growth of government
The Growth and Role of U.K. Financial Institutions 1880-1962
John E. Cairnes on the Effects of the Australian Gold Discoveries, 1851–73
Research Article| September 01 1975 John E. Cairnes on the Effects of the Australian Gold Discoveries, 1851–73: An Early Application of the Methodology of Positive Economics Michael David Bordo Michael David Bordo Search for other works by this author on: This Site Google History of Political Economy (1975) 7 (3): 337–359. https://doi.org/10.1215/00182702-7-3-337 Cite Icon Cite Share Icon Share Facebook Twitter LinkedIn MailTo Permissions Search …
The income effects of the sources of new money
The Pattern of Citations in Economic Theory 1945-68
Research Article| June 01 1979 The Pattern of Citations in Economic Theory 1945–68: An Exploration Towards a Quantitative History of Thought Michael David Bordo; Michael David Bordo Search for other works by this author on: This Site Google Daniel Landau Daniel Landau Search for other works by this author on: This Site Google History of Political Economy (1979) 11 (2): 240–253. https://doi.org/10.1215/00182702-11-2-240 Cite Icon Cite Share Icon S…
The Effects of Monetary Change on Relative Commodity Prices and the Role of Long-Term Contracts
The traditional explanation for the pattern of commodity price adjustment to monetary change, which stresses factors affecting the short-run elasticities of supply and demand in different markets, does not take into account price flexibility. This paper offers an explanation for the pattern of commodity price adjustment to monetary change based on differing degrees of price flexibility across industries, where price flexibility is determined by c…
Money and Prices in the Nineteenth Century
In recent work, W. W. Rostow and W. A. Lewis have forcefully argued that real, not monetary, forces explain major periods of inflation and deflation in both the United States and Great Britain from 1797 to 1914. For them, changes in relative growth rates of agricultural and industrial output induce changes in the relative prices of major commodities and in the overall price level. A test of the substitutability of wheat for other primary products…
Money and prices in the 19th century
Explorations in monetary history
A Retrospective on the Classical Gold Standard, 1821-1931
This is a timely review of the gold standard covering the 110 years of its operation until 1931, when Britain abandoned it in the midst of the Depression. Current dissatisfaction with floating rates of exchange has spurred interest in a return to a commodity standard. The studies in this volume were designed to gain a better understanding of the historical gold standard, but they also throw light on the question of whether restoring it today coul…
The growth of government
Why Did the Bank of Canada Emerge in 1935
Three possible explanations for the emergence of the Canadian central bank in 1935 are examined: that it reflected the need of competitive banking systems for a lender of last resort, that it was necessary to anchor the unregulated Canadian monetary system after abandonment of the gold standard in 1929, and that it was a response to political rather than purely economic pressures. Evidence from a variety of sources (contemporary statements to a R…
The Long-Run behavior of the Velocity of Circulation
The Long-Run Behavior of the Velocity of Circulation: The International Evidence. By D. BORDO MICHAEL and LARS JONUNG. (Cambridge: Cambridge University Press, 1987. Pp. xiv+181. £22.50, US $34.50 hardback. ISBN 0521 326338.)
Richard Cantillon
A Tale of Two Currencies
The record of British and French finance during the Napoleonic wars presents the striking picture of a financially strong nation abandoning the gold standard, borrowing heavily, and generating inflation, while a financially weaker country followed more "orthodox" policies. This paradoxical behavior is explained by Britain's strong credibility that allowed more flexible policies, while France's poor reputation forced reliance on taxation
The U.S. Banking System From a Northern Exposure
This article asks whether the vaunted comparative stability of the Canadian banking system has been purchased at the cost of creating an oligopoly. We assembled a data set that compares bank failures, lending rates, interest paid on deposits, and related variables over the period 1920 to 1980. Our principal findings are (1) interest rates paid on deposits were generally higher in Canada; (2) interest income received on securities was generally sl…
A Retrospective on the Bretton Woods System
Journal Article A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform Get access A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform. Edited by BORDO (MICHAEL D.) and Eichengreen (Barry). (Chicago and London: University of Chicago Press, 1993. Pp. xiii + 675. £59.95 hardback, US S86.25 hardback. ISBN 0 226 06587 1.) Casper G. de Vries Casper G. de Vries Tinbergen Institute, Rotte…
Financial Crises
A Retrospective on the Bretton Woods System
The Gold Standard As a Rule
The Gold Standard as a “Good Housekeeping Seal of Approval”
In this article we argue that during the period from 1870 to 1914 adherence to the gold standard was a signal of financial rectitude, a “good housekeeping seal of approval”, that facilitated access by peripheral countries to capital from the core countries of western Europe. Examination of data from nine widely different capital-importing countries, using a model inspired by the Capital Asset Pricing Model, reveals that countries with poor record…
Was Expansionary Monetary Policy Feasible during the Great Contraction? An Examination of the Gold Standard Constraint
Aggregate price shocks and financial stability
IS-LM and Monetarism
This paper discusses monetarist objections to the IS-LM model. We explore the views of two principal spokesmen for monetarism: Milton Friedman and the team of Karl Brunner and Allan Meltzer. Friedman did not explicitly state the reasons he generally chose not to use the IS-LM model in rejecting Keynesian views on the demand function for money, the role of autonomous expenditures in cyclical fluctuations, the potency of fiscal policy as against mo…
Globalization in Historical Perspective (National Bureau of Economic Research Conference Report)
Globalization in Historical Perspective
Considers globalization in the context of the history of international trade. Its eleven papers explore a synthesized variety of topics, including how the process of globalization can be measured by the long-term integration of markets, what trends and questions develop as markets converge and diverge and others
Economics (30 obras) · Monetary economics (17 obras) · Global Financial Crisis and Policies (16 obras) · Economic Theory and Policy (15 obras) · Monetary Policy and Economic Impact (15 obras) · Political science (13 obras) · Finance (12 obras) · Macroeconomics (12 obras) · Monetary policy (12 obras) · Finance (11 obras)