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: Nazi Germany and the service of the Dawes and Young Loans

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  • CLEMENT, PIET
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    Abstract

    This article examines the Nazi government s external debt policy, with particular regard to the service of the Dawes and Young Loans, the two most important international loans Germany concluded during the interwar period. The goal of this policy was to end once and for all the obligations resulting from the First World War reparations settlement, and at the same time to economise drastically on Germany s scarce foreign exchange reserves. These aims were achieved by imposing a partial default on external debts and by bilateralising trade and financial negotiations, thus dismantling the 1930 Young Plan. In many respects, the Nazi government continued policies in place since 1931, except that it went further and was more ruthless in their execution. However, the negative long-term effects of this policy were beginning to take their toll as Germany s economy was cut off from the international financial markets and increasingly burdened by complex foreign exchange regulations. It was left to the German Federal Republic to deal with the financial legacy of this policy after the war.

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    File URL: http://journals.cambridge.org/abstract_S0968565004000034
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    Bibliographic Info

    Article provided by Cambridge University Press in its journal Financial History Review.

    Volume (Year): 11 (2004)
    Issue (Month): 01 (April)
    Pages: 33-50

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    Handle: RePEc:cup:fihrev:v:11:y:2004:i:01:p:33-50_00

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