By Jean-Pierre Patat
This financial background of recent France among 1897-1984 contains chapters masking particular sub-periods, from the optimal interval of 1897-1914 via to the growth with inflation part of 1968-73. each one bankruptcy offers an account of the industrial state of affairs and coverage judgements as a heritage to a extra distinctive research of financial and monetary advancements. The paintings specializes in the variety of things affecting coverage, fiscal and fiscal advancements in every one sub-period, being attentive to events within the opposite numbers of the cash inventory, to the determinants of financial institution reserves and to non-public area portfolio judgements. The ebook concludes with a long statistical appendix, which units out very important new quarterly and per 30 days statistical sequence for the money inventory and its opposite numbers.
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Extra resources for A Monetary History of France in the Twentieth Century
At the end of the war, 33 billions of bills were in circulation; three years later, in November 1921, they had become about 64 billion. ' 6 The instability was external. Just at the time when reconstruction called for increased imports, which generated a large payments deficit, the American and British allies 'pulled the rug away' by terminating the financial agreements which alone had allowed the franc to be maintained at its prewar parity in spite of much higher inflation. The franc was subjected to a strong depreciation.
The unfavourable movement of both of these encouraged the fall in the franc. We shall recall here once more Aftalion's description of the phenomenon: At the beginning of 1922 the franc ceased its recovery and started a new depreciation which went further than at any previous period. The average monthly index of the dollar rate in Paris (base 100 in 1913), which had reached a minimum of 208 in April, then started to rise again. In December 1922 it reached 267; in December 1923, 373; in February 1924, 437.
After a series of deficits, 1897 marked the return to surplus; deficits reappeared only at times of cyclical crisis (1900-02 and 1908-10). 6 THE TRIUMPH OF GOLD The Belle Epoque is finally that of the triumph in France of the classical system of the gold standard. Bimetallism, even in the shaky form of recent years, was no more than a memory. The availability of South African gold, which had been exploited from the beginning of the 1890s, ensured that there was no longer any problem in expanding the monetary base.
A Monetary History of France in the Twentieth Century by Jean-Pierre Patat