IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-01794848.html
   My bibliography  Save this paper

Central banking under the gold standard: Rist versus Hawtrey on the policy of the Bank of France from 1928 to 1931

Author

Listed:
  • Lucy Brillant

    (LEDi - Laboratoire d'Economie de Dijon - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique)

  • Pierre-Hernan Rojas

    (LEDa - Laboratoire d'Economie de Dauphine - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres, EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

It is widely believed that the difficult return to the gold standard during the 1920s and its demise in 1931 intensified the Great Depression. An interesting way of thinking about national and international monetary mechanisms emerged from the debates between French and British policymakers during those years. We attempt to explain the failure of the Bank of France and the Bank of England to cooperate during that period of political tension by examining the monetary thinking of Charles Rist and Ralph George Hawtrey, who certainly greatly shaped the mindsets of policymakers during the interwar period. Both were involved in the controversy over the strategy of the Bank of France, which accumulated and sterilized gold between 1928 and 1931. Our paper describes the differing beliefs held by Hawtrey and Rist concerning the philosophy, instruments, and goals of monetary policy. This divergence in views may shed light on the contrasting advice they tendered about central banking practices and might explains why central banking cooperation failed.

Suggested Citation

  • Lucy Brillant & Pierre-Hernan Rojas, 2020. "Central banking under the gold standard: Rist versus Hawtrey on the policy of the Bank of France from 1928 to 1931," Post-Print hal-01794848, HAL.
    • Handle: RePEc:hal:journl:hal-01794848
    DOI: 10.1080/09672567.2019.1651363
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-01794848. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.