Suchergebnisse

"Cover" -- "Title" -- "Copyright" -- "Contents" -- "List of Tables" -- "List of Figures" -- "Acknowledgments" -- "1 Introduction" -- "2 The Origins of Foreign Balances" -- "3 From Jekyll Island to Genoa" -- "4 Reserve Currencies in the 1920s and 1930s" -- "5 The Role of Currencies in Financing International Trade" -- "6 Evidence from International Bond Markets" -- "7 Reserve Currency Competition in the Second Half of the Twentieth Century" -- "8 The Retreat of Sterling" -- "9 The Rise and Fall of the Yen" -- "10 The Euro as Second in Command" -- "11 Prospects for the Renminbi" -- "12 Conclusion" -- "Notes" -- "References

This article reconstructs the history of mutual assistance among Federal Reserve Banks. We present data on accommodation operations through which Reserve Banks mutualized gold reserves in emergency situations between 1913 and 1960. Reserve sharing was important in response to liquidity crises and bank runs. Such cooperation was essential for the cohesion of the U.S. monetary union. But fortunes could change, with emergency recipients of gold becoming providers. Because imbalances did not endlessly grow, instead narrowing when region-specific shocks subsided, mutual assistance created only limited tensions. These findings speak to the current debate over TARGET2 balances in Europe.