• Publications
  • Influence
The making of global finance 1880-1913
This book traces the roots of global financial integration in the first "modern" era of globalization, from 1880 to 1913. It analyzes the direction, destinations, and origins of internationalExpand
Monetary Union, Trade Integration, and Business Cycles in 19th Century Europe
This paper studies the impact of monetary arrangements on trade integration and business cycle correlation in late 19th century Europe. We estimate a gravity model and show that tighter monetaryExpand
Bonds and Brands: Foundations of Sovereign Debt Markets, 1820-1830
How does sovereign debt emerge? In the early nineteenth century, intermediaries' market power and prestige served to overcome information asymmetries. Relying on insights from finance theory, weExpand
The French Crime of 1873: An Essay on the Emergence of the International Gold Standard, 1870–1880
This article attempts to provide a new view of how the bimetallic standard was maintained before 1873 and how it came to change into a monometallic gold standard between 1870 and 1880. TheExpand
The gold standard in theory and history
Since the successful first edition of The Gold Standard in Theory and History was published in 1985, much new research has been completed. This updated version contains five new essays including: *Expand
The Rise and Fall of the Dollar, or When Did the Dollar Replace Sterling as the Leading Reserve Currency?
We present new evidence on the currency composition of foreign exchange reserves in the 1920s and 1930s. Contrary to the presumption that the pound sterling continued to dominate the U.S. dollar inExpand
The Peaceful Conspiracy: Bond Markets and International Relations During the Pax Britannica
Abstract This article provides foundations to Polanyi's famed argument that monopoly power in the global capital market served as an instrument of peace during the Pax Britannica (1815–1914). OurExpand
The Glitter of Gold: France, Bimetallism, and the Emergence of the International Gold Standard, 1848-1873
This book studies the so far unexplored operation of the international monetary system that prevailed before the emergence of the international gold standard in 1873. Conventional wisdom has it thatExpand
The economics and politics of monetary unions: a reassessment of the Latin Monetary Union, 1865–71
In 1865, France, Belgium, Italy and Switzerland signed a monetary convention (later known as the Latin Union), which provided for the intercirculation of specie between member states. ConventionalExpand
The Spread of Empire: Clio and the Measurement of Colonial Borrowing Costs
Modern cliometric studies use dummy variables to measure the effects of institutions. The dummy variable approach can be misleading, as illustrated by recent research on the impact of colonial ruleExpand