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French money doctors in Spain: Rist, Quesnay, and Mitzakis and the stabilisation plans for the peseta 1929–1931

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  • Nicolas Barbaroux
  • Enrique Jorge-Sotelo
  • Dominique Torre

Abstract

In 1929, Spain called upon the financial expertise of French “money doctors” in its attempts to stabilise the peseta. Charles Rist, ex-Deputy Governor of the Banque de France, and Pierre Quesnay, General Manager of the Bank for International Settlements, were consulted. Both supported stabilisation over revaluation. The differing advice related to the implementation of the stabilisation plans reflects the fundamental tensions in central banking theory during that period. In their turn, domestic factors shaped both the success and the reception of the French doctor’s advice. The changing political backdrop along with institutional and money market constraints conflicted with their recommendations.

Suggested Citation

  • Nicolas Barbaroux & Enrique Jorge-Sotelo & Dominique Torre, 2026. "French money doctors in Spain: Rist, Quesnay, and Mitzakis and the stabilisation plans for the peseta 1929–1931," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 33(1), pages 145-177, January.
    • Handle: RePEc:taf:eujhet:v:33:y:2026:i:1:p:145-177
    DOI: 10.1080/09672567.2025.2549387
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