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

PSC In The News

RSS Feed icon

Bailey and Danziger's War on Poverty book reviewed in NY Review of Books

Bloomberg cites MTF data in story on CDC's anti-smoking ads for e-cigarettes

Bound says notion that foreign college students are displacing U.S. students "isn't right"

Highlights

U-M ranked #1 in Sociology of Population by USN&WR's "Best Graduate Schools"

PAA 2015 Annual Meeting: Preliminary program and list of UM participants

ISR addition wins LEED Gold Certification

PSC Fall 2014 Newsletter now available

Next Brown Bag

Mon, April 6
Jinkook Lee, Wellbeing of the Elderly in East Asia

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