Die Commerzbank, 1870 von Kaufleuten und Privatbankiers in Hamburg gegründet, widmete sich zunächst der Finanzierung des Außenhandels und der mittelständischen Wirtschaft, ehe sie im Verlauf des 20. Jahrhunderts zu einer führenden, international agierenden Geschäftsbank aufstieg. Anhand...

The Great War of 1914-18 constituted a major rupture for the economies of Europe in several respects. It marked the end of almost a century of uninterrupted economic growth. It ended a long period of near-universal currency stability, and set in motion a painful process of de-globalisation. It...

This paper reconsiders the role of monetary policy in Sweden's strong recovery from the Great Depression. The Riksbank in the 1930s is sometimes seen as an example of a central bank that was relatively innovative in terms of the conduct of monetary policy. To consider this analytically, we...

In historical accounts of the world economic crisis of the 1930s, Switzerland is known for its staunch defense of the gold standard and the rise of corporatist policies. Yet, so far, the literature has not discussed the implications of these two features. This paper tries to show how the...

Die Commerzbank, 1870 von Kaufleuten und Privatbankiers in Hamburg gegründet, widmete sich zunächst der Finanzierung des Außenhandels und der mittelständischen Wirtschaft, ehe sie im Verlauf des 20. Jahrhunderts zu einer führenden, international agierenden Geschäftsbank aufstieg. Anhand...

This paper reconsiders the role of monetary policy in Sweden's strong recovery from the Great Depression. The Riksbank in the 1930s is sometimes seen as an example of a central bank that was relatively innovative in terms of the conduct of monetary policy. To consider this analytically, we...

In historical accounts of the world economic crisis of the 1930s, Switzerland is known for its staunch defense of the gold standard and the rise of corporatist policies. Yet, so far, the literature has not discussed the implications of these two features. This paper tries to show how the...

The paper re-examines Sweden’s price level targeting during the 1930s which is regarded as a precursor of today’s inflation targeting. According to conventional wisdom the Riksbank was the first central bank to adopt price level targeting as the guideline for its activities, although in...