Economics Program and Dean of the College Present
Recovery from Financial Crises in Peripheral Economies, 1870–1913
Monday, January 28, 2019
Olin Humanities, Room 102
5:00 pm – 6:30 pm EST/GMT-5
5:00 pm – 6:30 pm EST/GMT-5
Peter Bent
Assistant Professor of Economics
The American University of Paris
What drives recoveries after financial crises? Bent addresses this question for the 1870–1913 “first era of globalization,” a period when international economic integration meant that terms of trade movements could have significant national-level impacts, but before governments were engaged in widespread economic management. Protectionism was one of the few economic policy options available at this time. The impacts of these two factors—terms of trade and tariff rates—over this period have been studied before. But previous studies have not looked specifically at how these factors influenced recoveries from financial crises. Bent finds that tariff shocks had a positive impact on GDP in post-crisis periods, while terms of trade shocks had a slightly negative impact. The tariff results are especially pronounced in temperate economies. Overall, this suggests that national governments, through trade policies, played a more significant role in shaping economic outcomes during this period than is typically recognized.Assistant Professor of Economics
The American University of Paris
For more information, call 845-758-7075, or e-mail [email protected].
Time: 5:00 pm – 6:30 pm EST/GMT-5
Location: Olin Humanities, Room 102