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French Exchange Rate Management in the mid-1920\'s lessons drawn from new evidence




This paper challenges the conventional view of the existence of a pure floating regime in France during the mid-1920’s. Our study of the archives of the Bank of France and the French Ministry of Finance, as well as a thourough examination of the exchange rates (FRF/USD) and (FRF/GBP) during the 1920\'s reveal that the French authorities did intervene on several occasions. How ever from these first direct actions, as well as some over abortive attempts, several lessons can be drawn about the effectiveness of interventions on a ‘modern’ echange rate market.

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  • Bertrand BLANCHETON (CMHE, IFReDE-GRES), 2004. "French Exchange Rate Management in the mid-1920\'s lessons drawn from new evidence," Cahiers du GRES (2002-2009) 2004-05, Groupement de Recherches Economiques et Sociales.
  • Handle: RePEc:grs:wpegrs:2004-05

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    References listed on IDEAS

    1. Rudiger Dornbusch, 1988. "Credibility, Debt and Unemployment: Ireland's Failed Stabilization," NBER Working Papers 2785, National Bureau of Economic Research, Inc.
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    Exchange rate Expectations Speculation Bank of France French Treasury Intervention Dirty floating Signalling effect; Credibility;

    JEL classification:

    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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