IDEAS home Printed from https://ideas.repec.org/a/cai/recosp/reco_541_0157.html
   My bibliography  Save this article

Interdépendances financières et dilemme de politique monétaire. La Banque de France entre 1880 et 1913

Author

Listed:
  • Rémy Contamin

Abstract

This article is a contribution to the existing literature focused on the stability of the classical gold exchange standard. Thus, it aims at explaining how the French Central Bank managed, between 1880 and 1913, to soften the tensions induced by international financial shocks. Until 1901, the use of the well known « gold devices » made it possible to depreciate the exchange rate to a much larger extent than it would have been feasible under a pure gold exchange system. But this policy was fiercely questioned among the private bankers who were also regents of the Bank, as they argued that it fostered a loss of confidence in the currency. It was then left over and gradually supplanted by direct intervention on English monetary markets, whose role was to soften financial tensions at their roots, instead of widening the fluctuation margin of the exchange rate. Classification JEL : N 23, N 13, E 58

Suggested Citation

  • Rémy Contamin, 2003. "Interdépendances financières et dilemme de politique monétaire. La Banque de France entre 1880 et 1913," Revue économique, Presses de Sciences-Po, vol. 54(1), pages 157-179.
  • Handle: RePEc:cai:recosp:reco_541_0157
    as

    Download full text from publisher

    File URL: http://www.cairn.info/load_pdf.php?ID_ARTICLE=RECO_541_0157
    Download Restriction: free

    File URL: http://www.cairn.info/revue-economique-2003-1-page-157.htm
    Download Restriction: free
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Guillaume Bazot & Michael D. Bordo & Eric Monnet, 2014. "The Price of Stability: The balance sheet policy of the Banque de France and the Gold Standard (1880-1914)," NBER Working Papers 20554, National Bureau of Economic Research, Inc.
    2. Bazot, Guillaume & Bordo, Michael D. & Monnet, Eric, 2016. "International shocks and the balance sheet of the Bank of France under the classical gold standard," Explorations in Economic History, Elsevier, vol. 62(C), pages 87-107.
    3. Bignon, Vincent & Flandreau, Marc, 2018. "The Other Way: A Narrative History of the Bank of France," CEPR Discussion Papers 13138, C.E.P.R. Discussion Papers.
    4. Morys, Matthias, 2013. "Discount rate policy under the Classical Gold Standard: Core versus periphery (1870s–1914)," Explorations in Economic History, Elsevier, vol. 50(2), pages 205-226.
    5. Stefano Ugolini, 2013. "The Bank of England as the World Gold Market Maker during the Classical Gold Standard Era, 1889–1910," Palgrave Macmillan Books, in: Sandra Bott (ed.), The Global Gold Market and the International Monetary System from the late 19th Century to the Present, chapter 3, pages 64-87, Palgrave Macmillan.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cai:recosp:reco_541_0157. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jean-Baptiste de Vathaire (email available below). General contact details of provider: https://www.cairn.info/revue-economique.htm .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.