By Barry J. Eichengreen
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7 and passim) notes how underdeveloped banking theory was in the late-nineteenth century. 52 Machlup 1964, p. 294. We will want to distinguish between countries at the center of the international system, with which Machlup was mainly concerned, and those at the periphery of the gold standard, both in southern Europe and in South America. 53 Bloomfield 1963, p. 42. 54 Econometric evidence documenting these relationships is supplied by Olivier Jeanne (1995). "" Hence, central banks could delay intervening as ordained by the rules of the game without suffering alarming reserve losses.
The Russian State Bank in turn shipped gold to Berlin to replenish the Reichsbank's reserves. S. '" In 1909 and 1910 the Bank of France again discounted English bills, making gold available to London. Smaller European countries such as Belgium, Norway, and Sweden borrowed reserves from foreign central banks and governments. This kind of international cooperation, while not an everyday event, was critical in times of crisis. It. belies the notion that the gold standard was an atomistic system. Rather, its survival depended on collaboration among central banks and governments.
152. 48 Another means of achieving the same end was for the central bank to borrow from the commercial banks, discount houses, and other large lenders. 29 CHAPTER TWO servants. Although the Reichsbank directorate decided most policy questions by majority vote, in the case of conflict with the government it was required to follow the Gennan chancellor's instructions. 49 Any simple notion of "rules of the game" would therefore be misleading-increasingly so over time. Central banks had some discretion over the policies they set.