Farms, germs and loans: central banking in 19th century France

The Banque de France

A working paper from the Banque de France looks at lessons for central bankers from the economic history of France in the 19th century.

In Economic Crises and the Eligibility for the Lender of Last Resort: Evidence From 19th Century France, Vincent Bignon and Clemens Jobst study the default rates of banks and non-agricultural firms during periods of crisis, and the impact the Banque de France acting as lender of last resort. They focus on periods when France, then a primarily agricultural

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