Central bank balance sheets: expansion and reduction since 1900
N Ferguson, A Schaab, M Schularick - 2015 - papers.ssrn.com
In this paper we study the evolution of central banks' balance sheets in 12 advanced
economies since 1900. We find that balance sheet size in most developed countries has
fluctuated within rather clearly defined bands relative to output. Historically, clusters of big
expansions and contractions of balance sheets have been associated with periods of
geopolitical or financial crisis. Relative to the size of the financial sector, central bank
balance sheets had shrunk dramatically in the three decades preceding the global financial …
economies since 1900. We find that balance sheet size in most developed countries has
fluctuated within rather clearly defined bands relative to output. Historically, clusters of big
expansions and contractions of balance sheets have been associated with periods of
geopolitical or financial crisis. Relative to the size of the financial sector, central bank
balance sheets had shrunk dramatically in the three decades preceding the global financial …
Central Bank Balance Sheets: Expansion and Reduction since 1900
M Schularick, N Ferguson, A Schaab - 2015 - ideas.repec.org
In this paper we study the evolution of central banks? balance sheets in 12 advanced
economies since 1900. We present a new dataset assembled from a wide array of historical
sources. We find that balance sheet size in most developed countries has fluctuated within
rather clearly defined bands relative to output. Historically, clusters of big expansions and
contractions of balance sheets have been associated with periods of geopolitical or financial
crisis. This explains the co-movement between the size of central bank balance sheets and …
economies since 1900. We present a new dataset assembled from a wide array of historical
sources. We find that balance sheet size in most developed countries has fluctuated within
rather clearly defined bands relative to output. Historically, clusters of big expansions and
contractions of balance sheets have been associated with periods of geopolitical or financial
crisis. This explains the co-movement between the size of central bank balance sheets and …
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