French and Canadian Exchange Rate Policy

Harry C. Eastman

The Journal of Economic History, 1955, vol. 15, issue 4, 403-410

Abstract: Whatever may have been the merits of the gold standard in die nineteenth century, it has not proved a satisfactory system of exchange since 1913. The decentralization of the world financial system, the greater liquidity of the public's holdings, and the appearance of capital movements unrelated to movements of trade have rendered abortive attempts to return permanently to the gold standard. In any event, the unwillingness of governments, increasingly dependent on the favor of the lower income groups, to allow or compel the contraction of domestic credit in response to changes in international demand prevented the operation of a system that depends on such adjustments. But the gold standard of die nineteendi century cast a long shadow behind it.

Date: 1955
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