期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in theearly years of the Federal Reserve System. We use data on accommodation operations by the 12Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves inemergency situations. Gold reserve sharing was especially important in response to liquiditycrises and bank runs. Cooperation among reserve banks was essential for the cohesion andstability of the US monetary union. But fortunes could change quickly, with emergencyrecipients of gold turning into providers. Because regional imbalances did not grow endlessly,instead narrowing when region-specific liquidity shocks subsided, mutual assistance createdonly limited tensions. These findings speak to the current debate over TARGET2 balances inEurope.
关键词：Monetary policy; Federal Reserve System; gold standard; liquidity and financial;crises; risk sharing; TARGET2 balances
