French Exchange Rate Management in the mid-1920\'s lessons drawn from new evidence

Bertrand BLANCHETON (CMHE, IFReDE-GRES)

Cahiers du GRES (2002-2009) from Groupement de Recherches Economiques et Sociales

Abstract: This paper challenges the conventional view of the existence of a pure floating regime in France during the mid-1920’s. Our study of the archives of the Bank of France and the French Ministry of Finance, as well as a thourough examination of the exchange rates (FRF/USD) and (FRF/GBP) during the 1920\'s reveal that the French authorities did intervene on several occasions. How ever from these first direct actions, as well as some over abortive attempts, several lessons can be drawn about the effectiveness of interventions on a ‘modern’ echange rate market.

Keywords: Exchange rate Expectations Speculation Bank of France French Treasury Intervention Dirty floating Signalling effect; Credibility (search for similar items in EconPapers)
JEL-codes: N24 (search for similar items in EconPapers)
Date: 2004
New Economics Papers: this item is included in nep-his and nep-ifn
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Working Paper: French exchange rate management in the mid-1920s: lessons drawn from new evidence (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:grs:wpegrs:2004-05

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