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Central Banks and GoldHow Tokyo, London, and New York Shaped the Modern World$
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Simon James Bytheway and Mark Metzler

Print publication date: 2016

Print ISBN-13: 9781501704949

Published to Cornell Scholarship Online: May 2017

DOI: 10.7591/cornell/9781501704949.001.0001

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World War and Globalization

World War and Globalization

(p.28) 2 World War and Globalization
Central Banks and Gold

Simon James Bytheway

Mark Metzler

Cornell University Press

This chapter examines how central bank cooperation became a multilateral enterprise during the opening weeks of the First World War. It was the Bank of England that took the initiative to establish a network of Allied central banks. The US Federal Reserve System was framed in 1913 and went into operation shortly after the war began in Europe. The Federal Reserve Bank of New York (FRBNY) also joined the Allied central bank network as soon as it could, well before the US government entered the war. In early 1915, backed by the FRBNY, US private banks began to finance the enormous military purchasing programs run by the British and French governments in the United States.

Keywords:   central bank cooperation, First World War, Bank of England, Allied central banks, US Federal Reserve System, Federal Reserve Bank of New York

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