Discussion Paper Details

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Title: Money, Banking, and Old-School Historical Economics

Author(s): Eric Monnet and François R. Velde

Publication Date: October 2020

Keyword(s): Banking, Causality, Financial Intermediation, historical macroeconomics and money

Programme Area(s): Economic History

Abstract: We review developments in the history of money, banking, and financial intermediation over the last twenty years. We focus on studies of financial development, including the role of regulation and the history of central banking. We also review the literature of banking and financial crises. This area has been largely unaffected by the so-called new econometric methods that seek to prove causality in reduced form settings. We discuss why historical macroeconomics is less amenable to such methods, discuss the underlying concepts of causality, and emphasize that models remain the backbone of our historical narratives.

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Bibliographic Reference

Monnet, E and Velde, F. 2020. 'Money, Banking, and Old-School Historical Economics'. London, Centre for Economic Policy Research.