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- Title
French exchange rate management in the 1920s.
- Authors
BLANCHETON, BERTRAND; MAVEYRAUD, SAMUEL
- Abstract
This article challenges the conventional view of the existence of a pure floating regime in France during the mid 1920s. Our study, based on the archives of the Bank of France and the French Ministry of Finance, as well as a thorough examination of the exchange rates (FRF/USD) and (FRF/GBP) during the 1920s, reveals that the French authorities did intervene on several occasions. From these first direct actions, as well as some other abortive attempts, several lessons can be drawn about the effectiveness of interventions on a 'modern' exchange rate market.
- Subjects
FRANCE; FOREIGN exchange rates; WORKING capital; MONETARY policy; INTERVENTION (Federal government); BANQUE de France; FRANCE. Ministry of Finance; FRENCH economic policy; EUROPEAN history, 1918-1945
- Publication
Financial History Review, 2009, Vol 16, Issue 2, p183
- ISSN
0968-5650
- Publication type
Article
- DOI
10.1017/S0968565009990072