Currency Crises from Andrew Jackson to Angela Merkel
Name
Temin13-07.pdf
Size
161.26 KB
Format
Adobe PDF
Checksum (MD5)
99d834d86508bdcdf98f52f857e1f398
Author(s)
Temin, Peter
Date Issued
February 13, 2013
Publisher
Cambridge, MA: Department of Economics; Massachusetts Institute of Technology
Series/Report no.
Working paper, Massachusetts Institute of Technology, Dept. of Economics;13-07
Abstract
This paper presents a narrative of currency crises for the past two centuries. I use the Swan Diagram as a theoretical framework for this narrative and conclude that many so-called banking crises are in fact currency crises. These crises are caused by capital flows in war and peace and typically result in recessions. The Swan Diagram helps us to consider external and internal imbalances together and understand their interactions. It also reminds us that national histories often ignore the international aspect of economic crises. This paper draws on and extends work reported in Peter Temin and David Vines, The Leaderless Economy, Why the World Economic System Fell Apart and How to Fix It (Princeton, 2013).
Subjects
currency crises
Swan diagram
international trade
capital flows
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