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Relaxing the External Constraint: Europe in the 1930s

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  • Eichengreen, Barry

Abstract

This paper documents the effects of exchange rates and the external constraint during the interwar years. In the absence of international policy coordination, exchange rate depreciation is shown to have been a necessary precondition for the adoption of policies promoting recovery from the Great Depression. But currency depreciation was not without costs. It increased the variability of nominal exchange rates and rendered them increasingly difficult to predict. Increased variability and uncertainty about nominal exchange rates carried over to short-term changes in real exchange rates as well. Thus, exchange rate variability appears to have introduced additional noise into the operation of the price mechanism.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 452.

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Date of creation: Aug 1990
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Handle: RePEc:cpr:ceprdp:452

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Keywords: Balance of Payments; Exchange Rates; Interwar Years;

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  1. Jeffrey A. Frankel., 1987. "Obstacles to International Macroeconomic Policy Coordination," Economics Working Papers 8737, University of California at Berkeley.
  2. Barry Eichengreen, 1989. "The Comparative Performance of Fixed and Flexible Exchange Rate Regimes : Interwar Evidence," NBER Working Papers 3097, National Bureau of Economic Research, Inc.
  3. Kamin, S.B., 1988. "Devaluation, External Balance, And Macroeconomic Performance: A Look At The Numbers," Princeton Studies in International Economics 62, International Economics Section, Departement of Economics Princeton University,.
  4. Eichengreen, Barry, 1989. "The Comparative Performance of Fixed Flexible Exchange Rate Regimes: Interwar Evidence," Department of Economics, Working Paper Series qt2kn4z93w, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  5. Hamilton, James D., 1987. "Monetary factors in the great depression," Journal of Monetary Economics, Elsevier, vol. 19(2), pages 145-169, March.
  6. James D. Hamilton, 1988. "Role Of The International Gold Standard In Propagating The Great Depression," Contemporary Economic Policy, Western Economic Association International, vol. 6(2), pages 67-89, 04.
  7. Ben Bernanke & Harold James, 1990. "The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison," NBER Working Papers 3488, National Bureau of Economic Research, Inc.
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