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AN HISTORICAL PERSPECTIVE ON THE QUEST FOR FINANCIAL STABILITY AND THE MONETARY POLICY REGIME

机译：对金融稳定性和货币政策制度的追求的历史视角

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摘要

This paper surveys the co-evolution of monetary policy and financial stability for a number of countries across four exchange rate regimes from 1880 to the present. I present historical evidence on the incidence, costs and determinants of financial crises, combined with narratives on some famous financial crises. 1 then focus on some empirical historical evidence on the relationship between credit booms, asset price booms and serious financial crises. My exploration suggests that financial crises have many causes, including credit driven asset price booms, which have become more prevalent in recent decades, but that in general financial crises are very heterogeneous and hard to categorize. Two key historical examples stand out in the record of serious financial crises which were linked to credit driven asset price booms and busts: the 1920s and 30s and the Global Financial Crisis of 2007-2008. The question that arises is whether these two 'perfect storms' should be grounds for permanent changes in the monetary and financial environment.
机译：本文调查了从1880年到现在的四种汇率制度下的许多国家的货币政策和金融稳定性的共同演变。我提供有关金融危机发生，成本和决定因素的历史证据，并结合一些著名的金融危机的叙述。 1然后重点研究一些有关信贷繁荣，资产价格繁荣和严重金融危机之间关系的历史经验证据。我的探索表明，金融危机有多种原因，包括信贷驱动的资产价格暴涨，这在最近几十年中变得越来越普遍，但总的来说，金融危机的种类非常多，很难归类。严重的金融危机与信贷驱动的资产价格的暴涨和萧条相关的记录中有两个重要的历史例子：1920年代和30年代以及2007-2008年的全球金融危机。出现的问题是，这两次“完美风暴”是否应该成为货币和金融环境永久变化的依据。

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  • 来源
    《Working Paper Series》 |2017年第24154期|02CY01-02CY022-42|共43页
  • 作者

    Michael D. Bordo;

  • 作者单位

    Department of Economies Rutgers University New Jersey Hall 75 Hamilton Street New Brunswick, NJ 08901 and NBER;

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