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Exchange Rates and Economic Recovery in the 1930s Author info | Abstract | Publisher info | Download info | Related research | Statistics Eichengreen, Barry
Sachs, Jeffrey
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Currency depreciation in the 1930s is almost universally dismissed or condemned. This paper advances a different interpretation of these policies. It documents first that depreciation benefited the initiating countries. It shows next that there can be no presumption that depreciation was beggar-thy-neighbor. While empirical analysis indicates that the foreign repercussions of individual devaluations were in fact negative, it does not imply that competitive devaluations taken by a group of countries were without mutual benefit. To the contrary, similar policies, had they been even more widely adopted and coordinated internationally, would have hastened recovery from the Great Depression.
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Article provided by Cambridge University Press in its journal The Journal of Economic History .
Volume (Year): 45 (1985)
Issue (Month): 04 (December)
Pages: 925-946
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Handle: RePEc:cup:jechis:v:45:y:1985:i:04:p:925-946_03Contact details of provider: Postal: The Edinburgh Building, Shaftesbury Road, Cambridge CB2 2RU UK Fax: +44 (0)1223 325150 Email: Web page: http://journals.cambridge.org/jid_JEH
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Peden, G C, 1980.
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Oxford University Press, vol. 32(1), pages 1-18, March.
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"Central bank cooperation under the interwar gold standard ,"
Explorations in Economic History ,
Elsevier, vol. 21(1), pages 64-87, January.
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Eichengreen, Barry J., 1981.
"A dynamic model of tariffs, output and employment under flexible exchange rates ,"
Journal of International Economics ,
Elsevier, vol. 11(3), pages 341-359, August.
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[Downloadable!] Wolf, Nikolaus, 2008.
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Gunnar Bårdsen & Jurgen Doornik & Jan Tore Klovland, 2004.
"A European-type wage equation from an American-style labor market: Evidence from a panel of Norwegian manufacturing industries in the 1930s ,"
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Masato Shizume, 2007.
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