A Monetary History of France in the Twentieth Century by Jean-Pierre Patat

By Jean-Pierre Patat

This financial heritage of recent France among 1897-1984 contains chapters protecting particular sub-periods, from the ideal interval of 1897-1914 via to the growth with inflation part of 1968-73. every one bankruptcy provides an account of the commercial state of affairs and coverage judgements as a historical past to a extra distinct research of financial and fiscal advancements. The paintings makes a speciality of the variety of things affecting coverage, monetary and financial advancements in every one sub-period, being attentive to pursuits within the opposite numbers of the money inventory, to the determinants of financial institution reserves and to non-public quarter portfolio judgements. The e-book concludes with a long statistical appendix, which units out very important new quarterly and per thirty days statistical sequence for the cash inventory and its opposite numbers.

Show description

Read or Download A Monetary History of France in the Twentieth Century PDF

Similar money & monetary policy books

The Road to European Monetary Union: A Political and Economic History

This ebook explains the political history, and describes the decision-making resulting in eu financial and financial Union (EMU). As a former vital banker who participated within the procedure for 3 many years, Andre Szasz is uniquely put so as to add sensible insights to his theoretical and historic learn.

The Impact of the Euro: Debating Britain’s Future

Financial and fiscal Union (EMU) may have far-reaching results for engaging international locations. This publication encompasses a designated and editorially impartial selection of key arguments favouring and opposing club. the industrial and coverage implications are evaluated through individual economists, while the effect upon nationwide sovereignty and the area of labor is debated through popular MPs and representatives of commercial and alternate union firms.

Global Shock, Risks, and Asian Financial Reform

The expansion of economic markets has basically outpaced the advance of economic marketplace rules. With turning out to be complexity on the planet of finance, and the consequent greater frequency of economic crises, all eyes have shifted towards the present inadequacy of economic rules. This publication expertly examines what this episode potential for Asia's monetary region and its balance, and what the results can be for the region's monetary law.

Additional resources for A Monetary History of France in the Twentieth Century

Example text

The political instability and the fears of higher taxes, particularly the plans of the Cartel, could only encourage households and heads of companies to prefer banknotes. This relatively unfavourable situation for the banks was exacer" bated after 1929. During the 'crisis' the economy had less need of credit and non-financial agents, fearing the (real) difficulties facing the banks, continued to hold a large proportion of banknotes. Returning to the period 1919-26, we can distinguish four phases: (a) the immediately postwar speculative explosion, which terminated in a 'classic' reconversion crisis; (b) this classic crisis was aggravated by the attempt at deflation in 1920-21; under the Fran<;ois-Marsal agreement the State committed itself to the progressive repayment of the Banque's advances, which was bound to entail a reduction in the money stock; (c) however, from 1922 this deflation was put in question by the international crises; (d) the situation became more acute with the Cartel des Gauches; it was then that 'the bubble burst'.

16. 'During the three or four years before the war the French saver held nearly 40% of his wealth in negotiable securities' (Michalet, 1968, p. 102). This relates to the saver in average or easy circumstances, whose death gave rise to probate declaration. 17. 9 billion for industrial and commercial companies. 5% stock to 3% perpetual, there was no financial operation on behalf of the State' (Credit Lyonnais, 1963, p. 90). 5 per cent redeemable loan of FFr805 million. The major credit institutions took up most of it initially, but it had not yet been registered as owned by the public when the conflict broke out (Thery, 1921, pp.

2 Thery (1922). Imbalances In these conditions the acceleration in price rises is not surpising, nor is the decline in the external accounts: • between July 1914 and November 1918 the general index of wholesale prices of 45 items went from 100 to 365 and that of retail prices in the large towns from 100 to 251; • the decline in the external accounts was appreciable. 5 billion in 1914. It reached FFr7 billion in 1915, FFr14 billion in 1916, and FFr21 billion in 1917. Notwithstanding this, the franc remained stable in relation to other currencies throughout the whole of the war- at the beginning, thanks to the repatriation of assets from abroad and, as well as to the establishment of exchange controls in 1915, to sales of gold brought to the State by the French people; and, later, thanks to the AngloSaxon credits.

Download PDF sample

Rated 4.21 of 5 – based on 32 votes