Browsing Norges Banks vitenarkiv by Author "Ugolini, Stefano"
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Bagehot for Beginners: The Making of Lending of Last Resort Operations in the Mid-19th Century
Bignon, Vincent; Flandreau, Marc; Ugolini, Stefano (Working Papers;22/2009, Working paper, 2009)In this paper we survey the development of lending of last resort operations in the mid-19th century. We identify and document critical dimensions of the extension of lending of last resort functions, and also develop ... -
Foreign Exchange Reserve Management in the 19th Century: The National Bank of Belgium in the 1850s
Ugolini, Stefano (Working Papers;7/2011, Working paper, 2011)As well as the current one, the wave of globalization culminated in 1913 was marked by increasing accumulation of foreign exchange reserves. But what did ‘reserves’ mean in the past, how were they managed, and how much ... -
Liquidity Management and Central Bank Strength: Bank of England Operations Reloaded, 1889-1910
Ugolini, Stefano (Working Papers;10/2016, Working paper, 2016)Is a strong commitment to monetary stability enough to ensure credibility? The recent literature suggests it might not be if the central bank cannot perform pure interest rate policy and has to resort to balance sheet ... -
The Bank of England as the World Gold Market-Maker During the Classical Gold Standard Era, 1889-1910
Ugolini, Stefano (Working Papers;15/2012, Working paper, 2012)This paper studies the microfoundations of the so-called "gold device" policy by analysing a new dataset on the Bank of England's operations in the gold market at the heyday of the classical gold standard. It explains that ... -
The International Monetary System, 1844-1870: Arbitrage, Efficiency, Liquidity
Ugolini, Stefano (Working Papers;23/2010, Working paper, 2010)This paper analyses the architecture of the international monetary system which preceded the international gold standard (1844-1870). It builds on a newly-created database made up of more than 100,000 weekly observations ... -
The Origins of Foreign Exchange Policy: The National Bank of Belgium and the Quest for Monetary Independence in the 1850s
Ugolini, Stefano (Working Papers;22/2010, Working paper, 2010)Can the central bank of a small open economy be mandated with the maintenance of both fixed exchange rates and monetary independence, and still succeed in the long term? Looking at a pioneering experiment put in place by ... -
Universal Banking and the Development of Secondary Corporate Debt Markets: Lessons from 1830s Belgium
Ugolini, Stefano (Working Papers;21/2010, Working paper, 2010)This paper proposes a reassessment of the old-age debate on universal banking and growth by putting it on a different plan. Modern financial economics are used to provide new theoretical foundations to Gerschenkron’s (1962) ... -
What Do We Really Know About the Long-Term Evolution of Central Banking? Evidence from the Past, Insights for the Present
Ugolini, Stefano (Working Papers;15/2011, Working paper, 2011)The ongoing financial crisis is shaking central bankers’ certainties about their mission, and a rethinking of such mission can greatly benefit from a non-finalistic reassessment of how central banking has evolved over the ... -
Where It All Began: Lending of Last Resort and the Bank of England During the Overend-Gurney Panic of 1866
Flandreau, Marc; Ugolini, Stefano (Working Papers;3/2011, Working paper, 2011)The National Monetary Commission was deeply concerned with importing best practice. One important focus was the connection between the money market and international trade. It was said that Britain’s lead in the market for ...