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Currency Stabilisation in the 1920s: Success or Failure?

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  • D H Aldcroft

Abstract

The currency stabilisation process of the 1920s - going back to gold - has been much maligned by scholars past and present. That it had defects and eventually collapsed in the 1930s should not obscure our view of the motives for the return. Given the chaotic currency and financial situation following the First World War, it was inevitable that stabilisation would involve some form of fixed exchange rate system. The new gold standard was by no means perfect but in the conditions obtaining at the time it is very likely that this would have been true of any form of fixed exchange rate system. However, for most countries and, for the global economy, stabilisation appears to have been economically beneficial.

Suggested Citation

  • D H Aldcroft, 2002. "Currency Stabilisation in the 1920s: Success or Failure?," Economic Issues Journal Articles, Economic Issues, vol. 7(2), pages 83-102, September.
    • Handle: RePEc:eis:articl:202aldcroft
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    Cited by:

    1. K. Dimitrova & Nikolay Nenovsky & G. Pavanelli, 2007. "Exchange rate control in Italy and Bulgaria in the interwar period. History and Perspectives," Post-Print halshs-00259693, HAL.
    2. Nikolay Nenovsky & Giovanni Pavanelli & Kalina Dimitrova, 2017. "Exchange Control in Italy and Bulgaria in the Interwar Period: History and Perspectives," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 5-33, March.
    3. Nikolay Nenovsky & Giovanni Pavanelli & Kalina Dimitrova, 2007. "Exchange Control in Italy and Bulgaria in the Interwar Period: History and Perspectives," ICER Working Papers 40-2007, ICER - International Centre for Economic Research.

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