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Mr. Johannes Wiegand

no gold coin circulation in the bimetallic block for the late 1860s (and negative circulation for the 1850s and early 1860s)—an enormousdiscrepancy with the underlying data, as gold coins accounted for almost 90 percent of French specie the second half of the 1860s ( Flandreau, 1995 , reproduced in Figure 7 below). It is this incorrectly computed low gold share that makes bimetallism appear vulnerable to silver shocks in Meissner’s out-of-sample simulations for the years after 1870: the vulnerability is an artefact generated by a flawed empirical approach. 12

Mr. Johannes Wiegand
In the early 1870s, the global monetary system transitioned from bimetallism—a regime in which gold and silver currencies were tied at quasi-fixed exhange ratios—to the gold standard that was characterized by the use of (only) gold as the main currency metal by the largest and most advanced economies. The transition ocurred against the backdrop of both large supply shifts in global bullion markets in the 1850s and 60s and momentous political events, such as the Franco-Prussian war of 1870/71 and the subsequent foundation of the German empire. The causes for the transition have long been a matter of intense debate. This article discusses three separate but interrelated issues: (i) assessing the robustness of the pre-1870 bimetallic system to shocks—which includes a discussion of the appropriate use of Flandreau’s (1996) reference model; (ii) analyzing the transition from bimetallism to gold as a multi-stage currency game played by France and Germany; and (iii) evaluating the monetary debates at the German Handelstag conferences in the 1860s, to present a more complete narrative of the German discussion in the run-up to the transition.
G. A. Blowers and A. N. McLeod

monetary circulation in Tripolitania for the period 1936 to 1949 amounted to 5,709,000,000 lire. According to the International Monetary Fund, International Financial Statistics , however, the total Italian currency circulation was 17.5 billion lire at the end of 1937, and 24.7 billion at the end of 1939. It is hardly possible that the note and coin circulation of Tripolitania could have been one quarter to one third of the total Italian issue; the circulation in Tripolitania in 1950 was equivalent to about one half of one per cent of that in Italy. 2 It does not

International Monetary Fund

be the property of the Federation. The Bank shall have its seat at the seat of the Federal Government; so long as this is not in Berlin, the seat of the Bank shall be in Frankfurt am Main. Art. 3 . Functions .—The Deutsche Bundesbank, making use of the powers in the field of monetary policy 4 conferred upon it under this Law, shall regulate the note and coin circulation and the supply of credit to the economy with the aim of safeguarding the currency and shall ensure appropriate payments through banks within the country as well as to and from foreign countries

Mr. John R Dodsworth

required to deliver Certificates of Indebtedness to the Exchange Fund and withdraw local banknotes from circulation at the linked exchange rate. Currency supply is determined entirely by demand considerations under this note-issuing mechanism—the monetary authority has virtually no control over the amount of currency in circulation. At the end of 1996, banknote circulation in Hong Kong was about HK$83 billion and coin circulation was about HK$4 billion. With Hong Kong’s foreign reserves standing at close to US$64 billion (over HK$490 billion), Hong Kong dollar currency

M. W. Holtrop, Paolo Baffi, Ralph A. Young, Earl Hicks, Greame S. Dorrance, and Gerard R. Aubanel

), and the net foreign assets of the Central Bank (including the net IMF position) and the commercial banks. The difference between the total money in circulation and that of external origin is considered to be of internal origin. To allocate responsibility for the money of internal origin, half of the coin circulation is attributed to the Government; the factors of external origin attributed to the Central Bank are deducted from its total monetary liabilities (i.e., including deposits of the commercial banks) to measure central bank responsibility; and the remaining

Mr. Marco Pani
More than a century later, the Banca Romana crisis still provides useful insights on the challenges of preserving financial stability. This paper reviews the case and discusses implications that can be relevant today. The crisis was spurred by an unsustainable credit expansion encouraged by capital inflows, which provoked an asset price bubble and other imbalances. A system of corruption and collusion with politicians and journalists enabled the bank managers to run risky and illegal operations – effectively, asset-stripping – undetected and unhindered. As a result, it would not have been easy for an observer not endowed with investigative powers to detect the mounting risks, while the government, which had these powers, failed to take action when needed and concealed critical information from the public. When the crisis erupted, its resolution was facilitated by a previous, decade-long debate on the reform of the banking system which had led to the exploration and development of possible solutions that could then be rapidly implemented.
Mr. Marco Pani

Silvestrini (2013) , and de Bonis et al . (2012) . Banknotes overtook coins in circulation in 1867. Until 1884 the cash (notes and coins) circulation remained larger than the stock of deposits. 23 In terms of deposit collection and investment of assets. The number of banks was evenly distributed across the territory, and slightly higher in the South. 24 Law of August 24, 1862 No. 788 ( legge Pepoli ). 25 At the then prevailing conversion rate of 15.5 ounces of silver for one ounce of gold. 26 The circulation of unauthorized banks

International Monetary Fund. Research Dept.
As a part of the proceedings of the Eleventh Annual Meeting of the Board of Governors of the International Monetary Fund, an Informal Session on “Recent Developments in Monetary Analysis” was held on September 25, 1956. The three papers which were presented at that Session by Dr. M. W. Holtrop, President of De Nederlandsche Bank, Dr. Paolo Baffi, Economic Adviser to Banca d’Italia, and Dr. Ralph A. Young, Director of the Division of Research and Statistics, Board of Governors of the Federal Reserve System, are reproduced below, together with the background paper, “Monetary Analyses,” prepared by the Statistics Division of the Research and Statistics Department of the International Monetary Fund.