French Exchange Rate Management in the mid-1920\'s lessons drawn from new evidence
AbstractThis paper challenges the conventional view of the existence of a pure floating regime in France during the mid-1920’s. Our study of the archives of the Bank of France and the French Ministry of Finance, as well as a thourough examination of the exchange rates (FRF/USD) and (FRF/GBP) during the 1920\'s reveal that the French authorities did intervene on several occasions. How ever from these first direct actions, as well as some over abortive attempts, several lessons can be drawn about the effectiveness of interventions on a ‘modern’ echange rate market.
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Bibliographic InfoPaper provided by Groupement de Recherches Economiques et Sociales in its series Cahiers du GRES with number 2004-05.
Date of creation: 2004
Date of revision:
Exchange rate Expectations Speculation Bank of France French Treasury Intervention Dirty floating Signalling effect; Credibility;
Other versions of this item:
- Bertrand Blancheton, 2004. "French exchange rate management in the mid-1920s: lessons drawn from new evidence," Money Macro and Finance (MMF) Research Group Conference 2003 6, Money Macro and Finance Research Group.
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-05-02 (All new papers)
- NEP-HIS-2004-05-02 (Business, Economic & Financial History)
- NEP-IFN-2004-05-02 (International Finance)
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- Rudiger Dornbusch, 1989. "Credibility, Debt and Unemployment: Ireland's Failed Stabilization," NBER Working Papers 2785, National Bureau of Economic Research, Inc.
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