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Why didn't France follow the British Stabilization after World War One ?

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Michael D. Bordo
Pierre-Cyrille Hautcoeur

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Abstract

We 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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Paper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 2003-15.

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Date of creation: 2003
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Handle: RePEc:del:abcdef:2003-15

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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.:
  1. Michael Bordo & Barry Eichengreen & Daniela Klingebiel & Maria Soledad Martinez-Peria, 2001. "Is the crisis problem growing more severe?," Economic Policy, CEPR, CES, MSH, vol. 16(32), pages 51-82, 04. [Downloadable!] (restricted)
  2. Sicsic, Pierre, 1992. "Was the franc poincare deliberately undervalued?," Explorations in Economic History, Elsevier, vol. 29(1), pages 69-92, January. [Downloadable!] (restricted)
  3. Benjamin, Daniel K & Kochin, Levis A, 1979. "Searching for an Explanation of Unemployment in Interwar Britain," Journal of Political Economy, University of Chicago Press, vol. 87(3), pages 441-78, June. [Downloadable!] (restricted)
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  1. Pierre-Cyrille Hautcoeur, 2003. "Was the Great War a Watershed ? The economics of World War One in France," DELTA Working Papers 2003-16, DELTA (Ecole normale supérieure). [Downloadable!]
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