Who owned Citibank? New research by Charles Calomiris and Elliot S. M. Oh. They study factors influencing individuals’ decisions to purchase Citibank stock during the 1920s.
www.cambridge.org/core/journal...
New research studies depositor behavior after hurricanes. The findings are that there is no strong evidence of precautionary saving. Balances and deposits fell, but so did withdrawals and account closures. Small savers weren’t driving the decline.
www.cambridge.org/core/journal...
Was gold trading efficient when it was the backbone of the monetary system? New research reconstructs daily London Gold Fixing prices (1919–1968) & tests market efficiency: Gold was inefficient when prices were market-driven and under central bank intervention.
www.cambridge.org/core/journal...
The 1920–21 recession wasn't purely laissez-faire. The War Finance Corporation (WFC) stepped in, lending to support exports & later aiding banks hit by the agricultural crisis. Bank suspensions plummeted in 1922. How much did WFC liquidity help?
www.cambridge.org/core/journal...
New papers!
The efficiency of the London Gold Fixing
Saving for a stormy day? The Jamaican Government Savings Bank and the precautionary savings motive
Assessing the 1921–1922 federal financial rescue: the War Finance Corporation Bank lending program
www.cambridge.org/core/journal...
Did Britain's economic liberalization fuel the 1844–45 railway stock boom? As Parliament embraced free markets, railway shares soared. Policy shift or pure speculation? #History #stockmarket #crash
www.cambridge.org/core/journal...
Did Britain's economic liberalization fuel the 1844–45 railway stock boom? As Parliament embraced free markets, railway shares soared. Policy shift or pure speculation? #History #stockmarket #crash
www.cambridge.org/core/journal...
The 2025 EABH Annual Meeting takes place in Paris:
Thursday, 12 June
Archives, artefacts, and professional practices
Call for papers: lnkd.in/esark-NS
Friday, 13 June
Public Debt & Financial Stability
Call for papers: lnkd.in/eRjpisJ4
@aldomusacchio.bsky.social @caroline-fohlin.bsky.social
Why Does the U.S. Lead Investment Banking? 🇺🇸💰
In Episode 7.2 of the #eabhPodcast,
@caroline-fohlin.bsky.social
(Emory) and Hugo Banziger (eabh) dive into the forces behind U.S. supremacy in global finance. Don't miss it! 🎧
Listen here: open.spotify.com/episode/1XME...
Did policymakers neglect monetary policy? While money supply experiments began in the late '60s, a nonmonetary view of inflation dominated early '70s decision-making—until money targets gained traction later in the decade.
www.cambridge.org/core/journal...
Unlike Western Europe, Spain shifted from city-based money markets to central banking without a nationwide banking system. New data reveals price formation, market asymmetries & why lower transaction costs didn’t mean greater efficiency.
www.cambridge.org/core/journal...
How did medieval Europe solve its small change problem? Rather than overvalued credit money, early mints split larger coins, while later ones innovated with cost-efficient hohlpfennigs. Evidence from hoards shows these methods worked.
www.cambridge.org/core/journal...
Does democratization lower foreign borrowing costs? 📉📈 This study revisits the question using improved panel event study methods. Findings? The effect is uncertain—estimates are either statistically insignificant or hover around zero.
www.cambridge.org/core/journal...
We have some cool papers lined up:
Democratization & foreign borrowing costs in early globalization
Medieval Europe's small change problem
19th-c Spain: city markets → central banking
UK inflation in the 1970s: monetary vs. nonmonetary causes
A thread 🧵
A big congrats to Tyler Muir on winning the Fischer-Black prize, demonstrating significant original research that is relevant to finance practice!
Did you know that Dr. Muir also had a paper in FHR last year? Read more of "1930, First Modern Crisis": www.cambridge.org/core/journal...
We are live on BlueSky!
Exploring the intersection of finance & history through cutting-edge research. Join us for perspectives that shape how economists, historians & policy understand markets, institutions & crises.
@caroline-fohlin.bsky.social @aldomusacchio.bsky.social @gertjanv.bsky.social