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The Gold-Exchange Standard and the Great Depression

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Author Info
Barry Eichengreen

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Abstract

A number of explanations for the severity of the Great Depression focus on the malfunctioning of the international monetary system. One such explanation emphasizes the deflationary monetary consequences of the liquidation of foreign-exchange reserves following competitive devaluations by Great Britain and her trading partners. Another emphasizes instead the international monetary policies of the Federal Reserve and the Rank of France. This paper analyzes both the exceptional behavior of the U.S. and France and the shift out of foreign exchange after 1930. While both Franco-American gold policies and systemic weaknesses of the international monetary system emerge as important factors in explaining the international distribution of reserves, the first of these factors turns out to play the more important role in the monetary stringency associated with the Great Depression.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2198.

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Date of creation: Mar 1987
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Handle: RePEc:nbr:nberwo:2198

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  1. Eichengreen, Barry & Sachs, Jeffrey, 1986. "Competitive devaluation and the Great Depression : A theoretical reassessment," Economics Letters, Elsevier, vol. 22(1), pages 67-71. [Downloadable!] (restricted)
  2. Frenkel, Jacob A, 1974. "The Demand for International Reserves by Developed and Less-Developed Countries," Economica, London School of Economics and Political Science, vol. 41(161), pages 14-24, February. [Downloadable!] (restricted)
  3. Eichengreen, Barry & Watson, Mark W & Grossman, Richard S, 1985. "Bank Rate Policy under the Interwar Gold Standard: A Dynamic Probit Model," Economic Journal, Royal Economic Society, vol. 95(379), pages 725-45, September. [Downloadable!] (restricted)
  4. Fremling, Gertrud M, 1985. "Did the United States Transmit the Great Depression to the Rest of the World?," American Economic Review, American Economic Association, vol. 75(5), pages 1181-85, December. [Downloadable!] (restricted)
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