Attention, les informations que vous consultez actuellement ne sont pas celles de l'année universitaire en cours. Consulter l'année universitaire 2023-2024.
UE247 - Monetary and Financial History
Lieu et planning
-
48 bd Jourdan
48 bd Jourdan 75014 Paris
2nd semestre / hebdomadaire, mardi 13:30-16:30
du 24 janvier 2023 au 25 avril 2023
Description
Dernière modification : 28 septembre 2023 11:52
- Type d'UE
- Séminaires DE/MC
- Disciplines
- Économie
- Page web
- -
- Langues
- anglais
- L’enseignement est uniquement dispensé dans cette langue.
- Mots-clés
- Histoire économique et sociale
- Aires culturelles
- -
Intervenant·e·s
- Éric Monnet [référent·e] directeur d'études, EHESS / Paris School of Economics (PJSE)
- Pierre-Cyrille Hautcœur directeur d'études, EHESS / Paris School of Economics (PJSE)
This class aims at introducing to the history of money, banking and finance both at the micro and macroeconomic levels. It will present the development of monetary and financial instruments and institutions from early modern period, focusing mostly on the 19th and 20th century. It will emphasize both the need to properly understand a particular historical context in its socio-historical depth and the usefulness of economic theory and statistics when trying to understand what happened then.
Evaluations:
*For each session, students have to read one of the two articles that complement the previous session, and to write a short note on it (less than one page) highlighting criticisms and questions. This will help starting the discussion during the class. These short notes are not graded. This is pass or fail. If you miss more than 1, you will get 3 points subtracted from the final grade of the course.
* Final essay. Students have to write a research project (10 pages maximum) with a 1) research question ; 2) a litterature review; 3) a research methodology, stressing how you could find sources and analyse data to answer your research question. If applicable, it should include some preliminary analysis based on secondary literature, datasets or archives available online.
You are free to choose your research topic. We will also suggest some topics. You are encouraged to work in pairs (that is, submit a single research project written by two students).
Organization of the course:
Each session starts by a discussion of two required readings. The professors introduce the articles and ask questions that students are invited to answer. Students also ask their own questions and express their critical opinion on the articles during the general discussion.
Most of these articles are recent works - sometimes still working papers - and they reflect diverse methodologies and approaches.
The second half of the session is devoted to a formal lecture by the two professors.
The required readings for the next session will be based on this lecture. It means that students read papers on a specific topic after having attended an introductory lecture on the topic in the previous course. This is intended to facilitate reading and discussion.
The seminar starts in January, runs every Tuesday afternoon and is taught in English. Check the M2 agenda of PSE's masters to see the room and hours, or contact the professors
https://www.parisschoolofeconomics.eu/fr/formation/masters/ape-analyse-et-politique-economiques/etre-etudiant-ape/
1) Introduction. Early modern financial and monetary changes (24 January)
Required Readings:
Gorton, G. (2017). The history and economics of safe assets. Annual Review of Economics, 9, 547-586.
Bordo, M. D. & W. Roberds (2022). Central Bank Digital Currencies: an Old Tale With a New Chapter (Hoover Inst. WP No. 22124).
2) Public finance and private markets (7 February)
Readings (based on the previous lecture) :
Palma, N. The real effects of monetary expansions: evidence from a large-scale historical experiment Review of Economic Studies (2022) 89 (3), 1593-1627
Schnabel, Isabel, and Hyun Song Shin. "Liquidity and contagion: The crisis of 1763." Journal of the European Economic Association 2.6 (2004): 929-968
3) The emergence of modern banking and financial markets (14 February)
Readings (based on the previous lecture) :
Murphy, A. (2019). Performing Public Credit at the Eighteenth-Century Bank of England. Journal of British Studies, 58(1), 58-78
Velde and Weir 1992 The Financial Market and Government Debt Policy in France, 1746-1793, JEH
4) XIXth century Globalization (21 February)
Readings (based on the previous lecture):
Yu, C. & Yanh, National banks and the local economy, 2022, draft: https://chenzi-xu.com/docs/privatemoney_xu_yang.pdf
Lehmann-Hasemeyer, S. & J Streb - The Berlin Stock Exchange in Imperial Germany: A Market for New Technology? AER, 2016
5) Great Depression (14 March)
Readings (based on the previous lecture)::
Sissoko, Carolyn, and Mina Ishizu. "How the West India trade fostered last resort lending by the Bank of England." (2021).
Bignon, V., R. Esteves & A. Herranz-Loncan, “Big push or big grab? Railways, government activism, and export growth in Latin America, 1865–1913”, EHR 2015
6) From planned economies to financial liberalization (21 March )
Readings (based on the previous lecture)::
Mitchener, Kris & . Richardson - "Network contagion and interbank amplification during the Great Depression", Journal of Political Economy, 2019
Albers, T. N. (2020). Currency devaluations and beggar‐my‐neighbour penalties: evidence from the 1930s. The Economic History Review, 73(1), 233-257.
7) Financial globalisation and financialization (28 March)
Readings (based on the previous lecture):
Fieldhouse, A. J., Mertens, K., & Ravn, M. O. (2018). The macroeconomic effects of government asset purchases: Evidence from postwar us housing credit policy. The Quarterly Journal of Economics, 133(3), 1503-1560.
Chapter 10 of Musacchio, Aldo & S.Lazarini Reinventing State Capitalism. Harvard University Press, 2014. (in addition, chapter 11 is quick to read but optional)
8/ The 2008 financial crisis and its aftermath. New questions for further research (11 April)
Readings (based on the previous lecture):
Krippner, G. R. (2005). The financialization of the American economy. Socio-economic review, 3(2), 173-208.
McCauley, R. N., & Schenk, C. R. (2020). Central bank swaps then and now: swaps and dollar liquidity in the 1960s.
Master
-
Séminaires de recherche
– Analyse et politique économiques
– M2/S4
Suivi et validation – semestriel hebdomadaire = 3 ECTS
MCC – fiche de lecture
Renseignements
- Contacts additionnels
- -
- Informations pratiques
- -
- Direction de travaux des étudiants
- -
- Réception des candidats
- -
- Pré-requis
ouvert aux étudiant·e·s de toutes les disciplines. Pas de pré-requis en économie et finance.
Compte rendu
This class aims at introducing to the history of money, banking and finance both at the micro and macroeconomic levels. It will present the development of monetary and financial instruments and institutions from early modern period, focusing mostly on the 19th and 20th century. It will emphasize both the need to properly understand a particular historical context in its socio-historical depth and the usefulness of economic theory and statistics when trying to understand what happened then.
Evaluations:
*For each session, students have to read one of the two articles that complement the previous session, and to write a short note on it (less than one page) highlighting criticisms and questions. This will help starting the discussion during the class. These short notes are not graded. This is pass or fail. If you miss more than 1, you will get 3 points subtracted from the final grade of the course.
The weekly short note on one of the required reading articles should be sent – before the course – to pierre-cyrille.hautcoeur@ehess.fr and eric.monnet@psemail.eu with the following object line: Monetary History Note n°[..] In brackets, write the number of the session!
* Final essay (deadline: 10 May): . Students have to write a research project (10 pages maximum) with a 1) research question ; 2) a litterature review; 3) a research methodology, stressing how you could find sources and analyse data to answer your research question. If applicable, it should include some preliminary analysis based on secondary literature, datasets or archives available online.
You are free to choose your research topic. We will also suggest some topics. You are encouraged to work in pairs (that is, submit a single research project written by two students).
Organization of the course:
Every Tuesday, the morning session is a discussion of two required readings. The professors introduce the articles and ask questions that students are invited to answer. Students also ask their own questions and express their critical opinion on the articles during the general discussion.
Most of these articles are recent works - sometimes still working papers - and they reflect diverse methodologies and approaches (qualitative, quantitative, macro, micro etc.).
The afternoon session is devoted to a formal lecture by the two professors.
The required readings for the next session will be based on this lecture. It means that students read papers on a specific topic after having attended an introductory lecture on the topic in the previous course. This is intended to facilitate reading and discussion.
Thus, the first session is an exception: students are asked to read two papers (Bordo and Gorton) without any introductory lecture.
These two papers are accessible and do not require previous knowledge of financial history. Furthermore, these two papers are good introductions to the course and debates on how current policy issues can be informed by economic history.
The slides of the lecture and required readings are available before each session on the website of the course.
Publications
- Avec V. Degorce, « The Great Depression as a Saving Glut », Journal of Economic History, forthcoming, Pre-print
- « The History of Central Banks », Oxford Research Encyclopedia of Economics and Finance, 2023.
- Avec Rafael Cezar, « Capital Controls and Foreign Reserves against External Shocks : Combined or Alone ? », Journal of International Money and Finance, 2023.
- « The state and credit policies : From the 19th century till present », Stato e mercato, 43.1, 2023, p. 3-28. [pre-print]
- « The Democratic Challenge of Central Bank Credit Policies », Accounting, Economics, and Law : A Convivium, 2023, https://doi.org/10.1515/ael-2022-0113
- « The Power of Coordination and Deliberation », Accounting, Economics, and Law : A Convivium, 2023.
- Avec E. Bonhoure, H. Clausse et A. Riva, The Great Expansion. The Exceptional Spread of Bank Branches in Interwar France, Business History, published online 27 Feb. 2023, DOI : 10.1080/00076791.2023.2181955, Pre-print, Data & replication files
- Avec Guillaume Bazot et Matthias Morys, « Taming the Global Financial Cycle : Central Banks as Shock Absorbers in the First Era of Globalization », Journal of Economic History, sept 2022, vol. 82, no 3, 2022, p. 801-839. Data & replication files
- Avec Miklos Vari, « A Dilemma between Liquidity Regulation and Monetary Policy : some History and Theory », Journal of Money, Credit and Banking, 55(4), 2023, p. 915-944.
- « Les mutations du système monétaire international », dans CEPII éd., L’économie mondiale 2024, Paris, La Découverte, « Repères », 2023, p. 73-86.
- « La nouvelle géopolitique monétaire et ses enjeux démocratiques », Revue d’Économie financière, 145(1), 2022, p. 173-185.
Dernière modification : 28 septembre 2023 11:52
- Type d'UE
- Séminaires DE/MC
- Disciplines
- Économie
- Page web
- -
- Langues
- anglais
- L’enseignement est uniquement dispensé dans cette langue.
- Mots-clés
- Histoire économique et sociale
- Aires culturelles
- -
Intervenant·e·s
- Éric Monnet [référent·e] directeur d'études, EHESS / Paris School of Economics (PJSE)
- Pierre-Cyrille Hautcœur directeur d'études, EHESS / Paris School of Economics (PJSE)
This class aims at introducing to the history of money, banking and finance both at the micro and macroeconomic levels. It will present the development of monetary and financial instruments and institutions from early modern period, focusing mostly on the 19th and 20th century. It will emphasize both the need to properly understand a particular historical context in its socio-historical depth and the usefulness of economic theory and statistics when trying to understand what happened then.
Evaluations:
*For each session, students have to read one of the two articles that complement the previous session, and to write a short note on it (less than one page) highlighting criticisms and questions. This will help starting the discussion during the class. These short notes are not graded. This is pass or fail. If you miss more than 1, you will get 3 points subtracted from the final grade of the course.
* Final essay. Students have to write a research project (10 pages maximum) with a 1) research question ; 2) a litterature review; 3) a research methodology, stressing how you could find sources and analyse data to answer your research question. If applicable, it should include some preliminary analysis based on secondary literature, datasets or archives available online.
You are free to choose your research topic. We will also suggest some topics. You are encouraged to work in pairs (that is, submit a single research project written by two students).
Organization of the course:
Each session starts by a discussion of two required readings. The professors introduce the articles and ask questions that students are invited to answer. Students also ask their own questions and express their critical opinion on the articles during the general discussion.
Most of these articles are recent works - sometimes still working papers - and they reflect diverse methodologies and approaches.
The second half of the session is devoted to a formal lecture by the two professors.
The required readings for the next session will be based on this lecture. It means that students read papers on a specific topic after having attended an introductory lecture on the topic in the previous course. This is intended to facilitate reading and discussion.
The seminar starts in January, runs every Tuesday afternoon and is taught in English. Check the M2 agenda of PSE's masters to see the room and hours, or contact the professors
https://www.parisschoolofeconomics.eu/fr/formation/masters/ape-analyse-et-politique-economiques/etre-etudiant-ape/
1) Introduction. Early modern financial and monetary changes (24 January)
Required Readings:
Gorton, G. (2017). The history and economics of safe assets. Annual Review of Economics, 9, 547-586.
Bordo, M. D. & W. Roberds (2022). Central Bank Digital Currencies: an Old Tale With a New Chapter (Hoover Inst. WP No. 22124).
2) Public finance and private markets (7 February)
Readings (based on the previous lecture) :
Palma, N. The real effects of monetary expansions: evidence from a large-scale historical experiment Review of Economic Studies (2022) 89 (3), 1593-1627
Schnabel, Isabel, and Hyun Song Shin. "Liquidity and contagion: The crisis of 1763." Journal of the European Economic Association 2.6 (2004): 929-968
3) The emergence of modern banking and financial markets (14 February)
Readings (based on the previous lecture) :
Murphy, A. (2019). Performing Public Credit at the Eighteenth-Century Bank of England. Journal of British Studies, 58(1), 58-78
Velde and Weir 1992 The Financial Market and Government Debt Policy in France, 1746-1793, JEH
4) XIXth century Globalization (21 February)
Readings (based on the previous lecture):
Yu, C. & Yanh, National banks and the local economy, 2022, draft: https://chenzi-xu.com/docs/privatemoney_xu_yang.pdf
Lehmann-Hasemeyer, S. & J Streb - The Berlin Stock Exchange in Imperial Germany: A Market for New Technology? AER, 2016
5) Great Depression (14 March)
Readings (based on the previous lecture)::
Sissoko, Carolyn, and Mina Ishizu. "How the West India trade fostered last resort lending by the Bank of England." (2021).
Bignon, V., R. Esteves & A. Herranz-Loncan, “Big push or big grab? Railways, government activism, and export growth in Latin America, 1865–1913”, EHR 2015
6) From planned economies to financial liberalization (21 March )
Readings (based on the previous lecture)::
Mitchener, Kris & . Richardson - "Network contagion and interbank amplification during the Great Depression", Journal of Political Economy, 2019
Albers, T. N. (2020). Currency devaluations and beggar‐my‐neighbour penalties: evidence from the 1930s. The Economic History Review, 73(1), 233-257.
7) Financial globalisation and financialization (28 March)
Readings (based on the previous lecture):
Fieldhouse, A. J., Mertens, K., & Ravn, M. O. (2018). The macroeconomic effects of government asset purchases: Evidence from postwar us housing credit policy. The Quarterly Journal of Economics, 133(3), 1503-1560.
Chapter 10 of Musacchio, Aldo & S.Lazarini Reinventing State Capitalism. Harvard University Press, 2014. (in addition, chapter 11 is quick to read but optional)
8/ The 2008 financial crisis and its aftermath. New questions for further research (11 April)
Readings (based on the previous lecture):
Krippner, G. R. (2005). The financialization of the American economy. Socio-economic review, 3(2), 173-208.
McCauley, R. N., & Schenk, C. R. (2020). Central bank swaps then and now: swaps and dollar liquidity in the 1960s.
-
Séminaires de recherche
– Analyse et politique économiques
– M2/S4
Suivi et validation – semestriel hebdomadaire = 3 ECTS
MCC – fiche de lecture
- Contacts additionnels
- -
- Informations pratiques
- -
- Direction de travaux des étudiants
- -
- Réception des candidats
- -
- Pré-requis
ouvert aux étudiant·e·s de toutes les disciplines. Pas de pré-requis en économie et finance.
-
48 bd Jourdan
48 bd Jourdan 75014 Paris
2nd semestre / hebdomadaire, mardi 13:30-16:30
du 24 janvier 2023 au 25 avril 2023
This class aims at introducing to the history of money, banking and finance both at the micro and macroeconomic levels. It will present the development of monetary and financial instruments and institutions from early modern period, focusing mostly on the 19th and 20th century. It will emphasize both the need to properly understand a particular historical context in its socio-historical depth and the usefulness of economic theory and statistics when trying to understand what happened then.
Evaluations:
*For each session, students have to read one of the two articles that complement the previous session, and to write a short note on it (less than one page) highlighting criticisms and questions. This will help starting the discussion during the class. These short notes are not graded. This is pass or fail. If you miss more than 1, you will get 3 points subtracted from the final grade of the course.
The weekly short note on one of the required reading articles should be sent – before the course – to pierre-cyrille.hautcoeur@ehess.fr and eric.monnet@psemail.eu with the following object line: Monetary History Note n°[..] In brackets, write the number of the session!
* Final essay (deadline: 10 May): . Students have to write a research project (10 pages maximum) with a 1) research question ; 2) a litterature review; 3) a research methodology, stressing how you could find sources and analyse data to answer your research question. If applicable, it should include some preliminary analysis based on secondary literature, datasets or archives available online.
You are free to choose your research topic. We will also suggest some topics. You are encouraged to work in pairs (that is, submit a single research project written by two students).
Organization of the course:
Every Tuesday, the morning session is a discussion of two required readings. The professors introduce the articles and ask questions that students are invited to answer. Students also ask their own questions and express their critical opinion on the articles during the general discussion.
Most of these articles are recent works - sometimes still working papers - and they reflect diverse methodologies and approaches (qualitative, quantitative, macro, micro etc.).
The afternoon session is devoted to a formal lecture by the two professors.
The required readings for the next session will be based on this lecture. It means that students read papers on a specific topic after having attended an introductory lecture on the topic in the previous course. This is intended to facilitate reading and discussion.
Thus, the first session is an exception: students are asked to read two papers (Bordo and Gorton) without any introductory lecture.
These two papers are accessible and do not require previous knowledge of financial history. Furthermore, these two papers are good introductions to the course and debates on how current policy issues can be informed by economic history.
The slides of the lecture and required readings are available before each session on the website of the course.
Publications
- Avec V. Degorce, « The Great Depression as a Saving Glut », Journal of Economic History, forthcoming, Pre-print
- « The History of Central Banks », Oxford Research Encyclopedia of Economics and Finance, 2023.
- Avec Rafael Cezar, « Capital Controls and Foreign Reserves against External Shocks : Combined or Alone ? », Journal of International Money and Finance, 2023.
- « The state and credit policies : From the 19th century till present », Stato e mercato, 43.1, 2023, p. 3-28. [pre-print]
- « The Democratic Challenge of Central Bank Credit Policies », Accounting, Economics, and Law : A Convivium, 2023, https://doi.org/10.1515/ael-2022-0113
- « The Power of Coordination and Deliberation », Accounting, Economics, and Law : A Convivium, 2023.
- Avec E. Bonhoure, H. Clausse et A. Riva, The Great Expansion. The Exceptional Spread of Bank Branches in Interwar France, Business History, published online 27 Feb. 2023, DOI : 10.1080/00076791.2023.2181955, Pre-print, Data & replication files
- Avec Guillaume Bazot et Matthias Morys, « Taming the Global Financial Cycle : Central Banks as Shock Absorbers in the First Era of Globalization », Journal of Economic History, sept 2022, vol. 82, no 3, 2022, p. 801-839. Data & replication files
- Avec Miklos Vari, « A Dilemma between Liquidity Regulation and Monetary Policy : some History and Theory », Journal of Money, Credit and Banking, 55(4), 2023, p. 915-944.
- « Les mutations du système monétaire international », dans CEPII éd., L’économie mondiale 2024, Paris, La Découverte, « Repères », 2023, p. 73-86.
- « La nouvelle géopolitique monétaire et ses enjeux démocratiques », Revue d’Économie financière, 145(1), 2022, p. 173-185.