Real and Monetary Aspects of French Exchange Rate Policy Under the Fourth Republic

Gilles Saint-Paul

No 799, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: This paper studies French exchange rate policy during the 1940s and 1950s from the point of view of two contrasting theories: the theory of collapsing exchange rate regimes and the intertemporal approach to the balance of payments. While the first theory suggests that monetary policy credibility has played a role in French balance of payments crises, the second implies that a more favourable exchange rate should have prevailed, along with more foreign borrowing. The effects of trade controls on growth are also estimated and are found to be negative and significant.

Keywords: Balance of payments; Exchange rates; France; Monetary policy; Post-war reconstruction; Speculative attacks (search for similar items in EconPapers)
JEL-codes: E44 E62 F33 F34 F35 F40 N14 N24 (search for similar items in EconPapers)
Date: 1993-07
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