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Pierre Quesnay (1895-1937) from the League of Nations to the Franc Poincaré: Financial Discipline and Monetary Pragmatism


  • Muriel Dal-Pont Legrand

    University of Nice Sophia Antipolis)

  • Dominique Torre

    (University of Nice Sophia Antipolis, France


In a 1958 article, Pierre Dieterlen refers to a 'triumvirate' in order to qualify the team formed in France during the Poincaré stabilization by Emile Moreau, Governor of the Banque de France (BDF), Charles Rist, Professor at La Sorbonne and Deputy-Governor and Pierre Quesnay, his former PhD student, Head of the Department of the Economic Studies and Chief Adviser of the BDF. Pierre Quesnay is the youngest of the trio and has been quite neglected by the historians until the recent paper of Olivier Feiertag (2009) on the Monetary Internationalism during the Inter-War period. From the end of the war in 1918 until 1937, the short life of Pierre Quesnay is fully concerned by the monetary disorders generated by the suspension of the Gold Standard, the difficulties to find alternative monetary solutions, and the management of the monetary consequences of the Great Depression. Building mainly on the Quesnay's papers of the Archives Nationales, the purpose of this paper is to evaluate the effective contribution of the young money doctor to the monetary stabilization process of the interwar period.

Suggested Citation

  • Muriel Dal-Pont Legrand & Dominique Torre, 2014. "Pierre Quesnay (1895-1937) from the League of Nations to the Franc Poincaré: Financial Discipline and Monetary Pragmatism," GREDEG Working Papers 2014-43, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
  • Handle: RePEc:gre:wpaper:2014-43

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    References listed on IDEAS

    1. Cooper, Richard N, 1992. "Fettered to Gold? Economic Policy in the Interwar Period," Journal of Economic Literature, American Economic Association, vol. 30(4), pages 2120-2128, December.
    2. Dominique Torre & Elise Tosi, 2009. "Charles Rist and the French missions in Romania 1929-1933. Why the 'Money Doctors' failed?," Post-Print halshs-00723887, HAL.
    3. Mathilde Maurel, 1997. "Les stabilisations des années vingt. Réflexions sur la notion de crédibilité," Revue Économique, Programme National Persée, vol. 48(3), pages 539-548.
    4. Pierre Dieterlen, 1958. "La monnaie, auxiliaire du développement. Contribution à l'étude de l'inflation séculaire," Revue Économique, Programme National Persée, vol. 9(4), pages 513-546.
    5. Jean-Claude Debeir, 1980. "Inflation et stabilisation en France 1919-1928," Revue Économique, Programme National Persée, vol. 31(4), pages 622-647.
    6. Eichengreen, Barry & Wyplosz, Charles, 1986. "The Economic Consequences of the Franc Poincare," CEPR Discussion Papers 136, C.E.P.R. Discussion Papers.
    7. Bertrand Blancheton, 1997. "La stabilisation Poincaré est-elle à l'origine d'une récession ? Les malentendus d'une controverse," Histoire, économie & société, Programme National Persée, vol. 16(4), pages 709-741.
    8. Flores, Juan-Huitzi & Decorzant, Yann, 2012. "Public borrowing in harsh times : the League of Nations Loans revisited," IFCS - Working Papers in Economic History.WH wp12-07, Universidad Carlos III de Madrid. Instituto Figuerola.
    9. repec:spo:wpecon:info:hdl:2441/704 is not listed on IDEAS
    10. Cécile Dangel-Hagnauer & Alain Raybaut, 2004. "Monetary Reform in France: The French Economists and the Stabilization of the Franc in the 1920s," Chapters, in: Ingo Barens & Volker Caspari & Bertram Schefold (ed.),Political Events and Economic Ideas, chapter 4, Edward Elgar Publishing.
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    More about this item


    Money Doctors; League of Nations; Franc Poincaré; monetary stabilization; Benjamin Strong; Open market policy;

    JEL classification:

    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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