H2020Индивидуална стипендия2021–2023

EUROCBH · Europe and Its Central Banks: Lessons from History

„Хоризонт 2020“ — Действия „Мария Склодовска-Кюри“

Период: 2021-03-01 → 2023-05-31
Финансиране от ЕС: 184 708 €
Участници: 1
Схема: MSCA-IF

Линиите свързват координатора с партньорите.

Накратко на български

Централните банки във Франция и Италия се анализират чрез техните операции с разменителни документи и индустриални инвестиции между XIX и XX век. Това помага да се разбере как тези институции са развивали националните кредитни пазари и са реагирали при индустриални кризи.

Този кратък обзор е генериран от изкуствен интелект

Кратко обяснение, генерирано от езиков модел по текста на CORDIS. Оригиналът е по-долу.

Резултати накратко

Europe and Its Central Banks: Lessons from History

EUROCBH enabled a better understanding of the role of central banks in promoting the long way to a national credit market in Italy and France between the end of the 19th century and the first half of the 20th century. It opened also new perspectives on our understanding of central banks' operations during industrial crisis. Particularly, the activity of EUROCBH has been organized around two main pillars: 1) Discount activities of the Banque de France and Banca d'Italia from the second half of the 19th century to the 1930s; 2) The industrial intervention of the Banca d'Italia from its establishment in 1894 until 1936. In the first pillar, the project focused on the study of bills of exchange discounted in each branch of the French and Italian central bank (BdF) from 1851 to 1936. The key role of the two central banks in both countries makes them a unique observatory of the bills of exchange’s circulation over time. In the second pillar, the project focused on the role of the Banca in the launch and management of the ‘Consorzio Sovvenzioni sui Valori Industriali’ (hereinafter Consorzio) in 1914 and the Special Section of the Consorzio in the early 1920s. These were companies holding stakes in numerous firms and industrial sectors, with which the Banca, often on behalf of the government, came to be a major industrial actor.

Текст от CORDIS, на английски · Данни: CORDIS, © Европейски съюз

Цел на проекта

Will central bank independence continue? In economic literature, there is a large consensus that the optimal statute for a central bank should be founded on the principles of independence and price stability. Over the past 30 years, most central banks across the advanced economies have been given the ability to conduct monetary policy independently from interference by fiscal and political authorities. In the post financial crisis era, however, central banks in many countries have been entrusted with the formulation of measures of ‘unconventional’ monetary policy going beyond their traditional mandates. Historical evidence reminds us that for many decades and especially after crises central banks have been heavily involved in industrial finance and the holding of government debt, but in ways that are often ignored. This was at least the case in France and Italy. The aim of EUROCBH (Europe and Its Central Banks: Lessons from History) is to place the question of the independence of the central bank in a historical perspective, shedding light on the evolution of the Bank of France and the Bank of Italy from the late 19th century to WWII. The activity of EUROCBH will be organized around four main research questions:1) What was the role of the the central bank in fostering long-term investment and absorbing economic (and financial) shock in Italy and France? I will look at long term and targeted lending, and massive purchase of government bonds as ""unconventional” measure of the central bank.This is the main question to which the others are all connected.2) What were the similarities and the differences between the central banking experimentations of these two countries?3) What we can learn from the comparison?Overall the project will lead to a better knowledge of central banking in the past, which is also expected to help understanding the re-opened debate surrounding the legitimacy, and the precise scope of central bank independence after the crisis.""

Оригинален текст от CORDIS (на английски).

Участници

ECOLE D'ECONOMIE DE PARIS · ParisКоординаторФранция