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首页> 外文期刊>European review of economic history >Market leader: the Austro-Hungarian Bank and the making of foreign exchange intervention, 1896-1913
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Market leader: the Austro-Hungarian Bank and the making of foreign exchange intervention, 1896-1913

机译：市场负责人：1896-1913年间的奥匈银行和进行外汇干预

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This article challenges the conventional view that the gold standard was stabilized by quasi-automatic central bank intervention and/or private arbitrage whenever the spot exchange rate reached the 'gold points'. New archival evidence on the central bank of Austria-Hungary between 1896 and 1913 documents the use of sophisticated instruments such as foreign exchange forward and repo (sale-repurchase) contracts and a quest for market dominance both with respect to reserves held and the share in market turnover. The resulting change in the working of the foreign exchange market is shown to have supported the conduct of monetary policy, underlining the importance of market micro structure in the design and conduct of monetary policy. The picture that emerges is that of a much more 'modern' approach to exchange rate stabilization during the classical gold standard than is traditionally recognized.
机译：本文质疑传统观点，即当现货汇率达到“金点”时，黄金标准将通过准自动央行干预和/或私人套利来稳定。 1896年至1913年间，奥地利-匈牙利中央银行的新档案证据表明，使用了复杂的工具，例如外汇远期和回购（买卖）合同，以及在持有的储备和所占份额中寻求市场支配地位市场成交额。结果表明，外汇市场运作方式的变化支持了货币政策的实施，突显了市场微观结构在货币政策的设计和实施中的重要性。出现的情况是，在古典金本位制下，采用了比传统上公认的更为“现代”的汇率稳定方法。

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