Why didn't France follow the British Stabilization after World War One ?
AbstractWe show that the size of the French public debt, the budget deficit and the monetary overhang made it impossible to stabilize immediately after World War I, even on the anti-keynesian assumption that a stabilization would have had no negative effects on income. The reason for the immediate postwar inflation was then not mismanaged policy but a wise choice in the French context; nevertheless, a stabilization was historically possible from early 1924, and it would likely have benefited not only France but the entire international monetary system.
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Bibliographic InfoPaper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 2003-15.
Date of creation: 2003
Date of revision:
Other versions of this item:
- Michael D. Bordo & Pierre-Cyrille Hautcoeur, 2003. "Why didn't France follow the British Stabilization after World War One?," NBER Working Papers 9860, National Bureau of Economic Research, Inc.
- E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
- M4 - Business Administration and Business Economics; Marketing; Accounting - - Accounting
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