Home > Publications . Search All . Browse All . Country . Browse PSC Pubs . PSC Report Series

PSC In The News

RSS Feed icon

Kruger says reports of phantom mobile phone ringing/vibrating more common among anxious

Stafford says too early to say whether stock market declines will curtail Americans' spending

Eisenberg says many colleges now train campus personnel to spot and refer troubled college students

Highlights

Call for papers: Conference on Integrating Genetics and the Social Sciences, Oct 21-22, 2016, CU-Boulder

PRB training program in policy communication for pre-docs. Application deadline, 2.28.2016

Call for proposals: PSID small grants for research on life course impacts on later life wellbeing

PSC News, fall 2015 now available

Next Brown Bag

Monday, Feb 1 at noon, 6050 ISR-Thompson
Sarah Miller

Harvests and Financial Crises in Gold Standard America

Publication Abstract

Hanes, C., and Paul W. Rhode. 2013. "Harvests and Financial Crises in Gold Standard America." Journal of Economic History, 73(1): 201-246.

Most American financial crises of the postbellum gold standard era were caused by fluctuations in the cotton harvest due to exogenous factors such as weather. The transmission channel ran through export revenues and financial markets under the pre-1914 monetary regime. A poor cotton harvest depressed export revenues and reduced international demand for American assets, which depressed American stock prices, drained deposits from money center banks and precipitated a business cycle downturn-conditions that bred financial crises. The crises caused by cotton harvests could have been prevented by an American central bank, even under gold standard constraints.

DOI:10.1017/s0022050713000077 (Full Text)

Browse | Search : All Pubs | Next