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