French exchange rate management in the mid-1920s: lessons drawn from new evidence
AbstractThis paper challenges the conventional view of the existence of a pure floating regime in France during the mid-1920âs. 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 âmodernâ echange rate market.
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Bibliographic InfoPaper provided by Money Macro and Finance Research Group in its series Money Macro and Finance (MMF) Research Group Conference 2003 with number 6.
Date of creation: 27 Sep 2004
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Other versions of this item:
- Bertrand BLANCHETON (CMHE, IFReDE-GRES), 2004. "French Exchange Rate Management in the mid-1920\'s lessons drawn from new evidence," Cahiers du GRES 2004-05, Groupement de Recherches Economiques et Sociales.
- N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-10-18 (All new papers)
- NEP-HIS-2004-10-18 (Business, Economic & Financial History)
- NEP-IFN-2004-10-18 (International Finance)
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- Rudiger Dornbusch, 1988. "Credibility, Debt and Unemployment: Ireland's Failed Stabilization," NBER Working Papers 2785, National Bureau of Economic Research, Inc.
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