Youssef Ghallada Center for Research in Economics (CEREC), UCLouvain - Saint-Louis - Bruxelles   43 Boulevard du Jardin Botanique Brussels, Brussels 1000 Belgium   youssef.ghallada@usaintlouis.be             JEL Areas: E5 : Monetary Policy, Central Banking, and the Supply of Money and Credit: General N1 : Economic History: Macroeconomics and Monetary Economics; Growth and Fluctuations: General, International, or Comparative