Threat of a Capital Levy, Expected Devaluation and Interest Rates in France during the Interwar Period

Pierre Hautcoeur and Pierre Sicsic ()

Working papers from Banque de France

Abstract: This paper tries to improve the understanding of the French interwar monetary situation by using thoroughly one indicator: long-term interest rates. As such, it could be attacked from a methodological point of view as relying excessively on that indicator and on a small number of hypothesis (although we have empirical arguments for each of these). We do consider that if each one of our hypothesis (and then our measures) may be discussed, the global picture we draw is the only one which puts all the available data in a consistent order. This picture is different from the prevailing one in some aspects concerning the Poincar stabilization, and reinforces one of the interpretations of the 1930s.

Keywords: Interest rate; politics; Poincare (search for similar items in EconPapers)
JEL-codes: E43 N14 N24 (search for similar items in EconPapers)
Pages: 30 pages
Date: 1998
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Threat of a capital levy, expected devaluation and interest rates in France during the interwar period (1999)
Working Paper: Threat of a capital levy, expected devaluation and interest rates in France during the interwar period (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:bfr:banfra:50

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