The Name of the Rose: Classifying 1930s Exchange-Rate Regimes
AbstractThere is an implicit consensus that 1930s exchange-rate regimes can be characterised as some variant of ‘floating’. This paper applies an adaptation of modern methodologies of exchange-rate regime classification to a panel of 47 countries in weekly observations between January 1919 and August 1939. On the basis of modern benchmarks, the 1930s world monetary system would not be considered ‘floating’ or even ‘managed floating’. One implication is that today’s fiat-based, managed-floating international financial architecture is unprecedented.
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Bibliographic InfoPaper provided by Economics Group, Nuffield College, University of Oxford in its series Oxford University Economic and Social History Series with number _076.
Length: 69 pages
Date of creation: 01 Apr 2009
Date of revision:
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Web page: http://www.nuff.ox.ac.uk/economics/
Fixed Exchange Rate; International Reserves; Intervention;
Find related papers by JEL classification:
- F31 - International Economics - - International Finance - - - Foreign Exchange
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-05-16 (All new papers)
- NEP-HIS-2009-05-16 (Business, Economic & Financial History)
- NEP-IFN-2009-05-16 (International Finance)
- NEP-MON-2009-05-16 (Monetary Economics)
- NEP-OPM-2009-05-16 (Open Economy Macroeconomics)
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