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French Exchange Rate Management in the mid-1920\'s lessons drawn from new evidence

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Author Info
Bertrand BLANCHETON (CMHE, IFReDE-GRES)

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Abstract

This 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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Paper provided by Groupement de Recherches Economiques et Sociales in its series Cahiers du GRES with number 2004-05.

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Date of creation: 2004
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Handle: RePEc:grs:wpegrs:2004-05

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Web page: http://gres.u-bordeaux4.fr/
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Related research
Keywords: Exchange rate Expectations Speculation Bank of France French Treasury Intervention Dirty floating Signalling effect; Credibility;

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Find related papers by JEL classification:
N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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References listed on IDEAS
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. Rudiger Dornbusch, 1989. "Credibility, Debt and Unemployment: Ireland's Failed Stabilization," NBER Working Papers 2785, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-11-27.

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