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Monetary History, Exchange Rates and Financial Markets

Essays in Honour of Charles Goodhart, Volume Two

Edited by Paul Mizen

Monetary History, Exchange Rates and Financial Markets is an impressive collection of original papers in honour of Charles Goodhart’s outstanding contribution to monetary economics and policy. Charles Goodhart has written extensively on many of these topics and has become synonymous with his field; the chapters within this book offer a summary of current thinking on his own research subjects and include perspectives on controversies surrounding them.
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Chapter 3: Crises now and then: what lessons from the last era of financial globalization?

Barry Eichengreen and Michael D. Bordo


3. Crises now and then: what lessons from the last era of financial globalization?1 Barry Eichengreen and Michael D. Bordo 1. INTRODUCTION For more than a third of a century, Charles Goodhart has sought to employ financial history to shed light on current developments in the world economy. The New York Money Market and the Finance of Trade (1969) was an effort to link the development of financial markets to the growth of trade, a topic of clear relevance to those contemplating the connections between the euro and the Single Market. The Business of Banking (1972) sketched the links between banking and economic performance, a subject that is again timely as banking worldwide experiences a wave of consolidation. The Evolution of Central Banks (1988) developed an interpretation of the emergence of the lender of last resort that is directly relevant to the controversy over the role of the International Monetary Fund in a world of globalized finance. If a single paper can be said to epitomize this approach, it is, for us, Goodhart’s 1999 comparison of the Asian financial crisis with late-19thand early-20th-century banking and currency crises.2 The Asian crisis, he argues, was not the singular event portrayed in recent accounts. Rather, it bore a striking resemblance to financial crises a century before because it erupted in circumstances that, in important respects, recreated the economic and financial environment of that earlier era. The capital flows of the 1990s, like those of the 1890s, were directed toward the private...

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