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Jean-Laurent Cadorel,
Online Economic History Seminars with EHES
Location:
Online
Type:
Other
YSI Presenters
Description
Jean-Laurent Cadorel, PhD candidate from the Paris School of Economics will present his paper: An International Monetary Explanation of the 1929 Crash of the New York Stock Exchange.
If you are interested to attend in the webinar series please register using this form. If you registered for one of the previous events, you do not need to register again. Registered participants will receive a zoom link 24h before the event.
Abstract:
The crash of the New York Stock Exchange in October 1929 was a liquidity crisis caused by the removal of brokers’ loans. Based on high-frequency data, this paper documents how the Bank of England’s unexpected September discount rate rise attracted short-term international capital flows. The rate rise
had such exceptional effects because it caused a reallocation of gold reserves, attracting gold from the Americas to Europe, threatening some Latin American countries’ participation in the gold standard, depreciating the value of their debts in New York, and reducing bondholders’ willingness to lend.
Hosted by Working Group(s):
Attendees
Maylis Avaro
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