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Real and Monetary Aspects of French Exchange Rate Policy Under the Fourth Republic

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  • Saint-Paul, Gilles

Abstract

This paper studies French exchange rate policy during the 1940s and 1950s from the point of view of two contrasting theories: the theory of collapsing exchange rate regimes and the intertemporal approach to the balance of payments. While the first theory suggests that monetary policy credibility has played a role in French balance of payments crises, the second implies that a more favourable exchange rate should have prevailed, along with more foreign borrowing. The effects of trade controls on growth are also estimated and are found to be negative and significant.

Suggested Citation

  • Saint-Paul, Gilles, 1993. "Real and Monetary Aspects of French Exchange Rate Policy Under the Fourth Republic," CEPR Discussion Papers 799, Centre for Economic Policy Research.
    • Handle: RePEc:cpr:ceprdp:799
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    File URL: https://cepr.org/publications/DP799
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    Keywords

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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F35 - International Economics - - International Finance - - - Foreign Aid
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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