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

PSC In The News

RSS Feed icon

Smock discusses the "new American family" on NPR

Pfeffer and colleagues re-examine impacts of community college attendance

Frey explains the minority-majority remapping of America

Highlights

Apply for 2-year NICHD Postdoctoral Fellowships that begin September 2015

PSC Fall 2014 Newsletter now available

Martha Bailey and Nicolas Duquette win Cole Prize for article on War on Poverty

Michigan's graduate sociology program tied for 4th with Stanford in USN&WR rankings

Next Brown Bag

Monday, Dec 1
Linda Waite, Health & Well-Being of Adults over 60

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