The Name of the Rose: Classifying 1930s Exchange-Rate Regimes
There is an implicit consensus that 1930s exchange-rate regimes can be characterised as some variant of 'floating'.� This paper applies an adaptation of modern methodologies of exchange-rate regime classification to a panel of 47 countries in weekly observations between January 1919 and August 1939.� On the basis of modern benchmarks, the 1930s world monetary system would not be considered 'floating' or even 'managed floating'.� One implication is that today's fiat-based, managed-floating international financial architecture is unprecedented.
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