Battle of Trafalgar holds lessons on global liquidity – CEPR paper – Central Banking
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Newly formed BdF struggled to cope with sudden loss of access to dominant currency
The Battle of Trafalgar by William Clarkson Stanfield
Studying the aftermath of the Battle of Trafalgar helps to shed light on the devastating financial impact of a sudden shortage of global liquidity, a paper published on May 11 argues.
The discussion paper – by economists from the Banque de France (BdF), Bank for International Settlements and Cunef University of Madrid – says the pivotal naval battle represents a “quasi-natural experiment”, allowing economists to study the effects of a sudden cut to the supply of the dominant global currency.
The
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