French exchange rate management in the mid-1920s: 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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|Date of creation:||27 Sep 2004|
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- 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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