By Tobias Straumann
Such a lot eu international locations are relatively small, but we all know little approximately their financial historical past. This ebook analyses for the 1st time the event of 7 small states (Austria, Belgium, Denmark, the Netherlands, Norway, Sweden, and Switzerland) over the past hundred years, beginning with the recovery of the most appropriate after global warfare I and finishing with Sweden's rejection of the Euro in 2003. The comparative research exhibits that for the main a part of the 20th century the choices of coverage makers have been heavily restricted by means of a unique worry of floating alternate premiums. simply with the challenge of the ecu financial procedure (EMS) in 1992-93 did the concept that a versatile alternate price regime used to be fitted to a small open financial system achieve foreign money. The ebook additionally analyses the diversities between small states and concludes that financial constructions or overseas coverage orientations have been way more vital for the timing of regime adjustments than household associations and regulations.
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Extra resources for Fixed Ideas of Money: Small States and Exchange Rate Regimes in Twentieth-Century Europe (Studies in Macroeconomic History)
The goal was not to eliminate the market but to stretch the period of adjustment and to control the terms of adjustment. In other words, the preference for fixed exchange rates was based on the same sense of vulnerability that inspired 33 34 Ferrari (1990). Bordo (1993). 35 Thus “fixed ideas” were based not on irrational beliefs but rather on considerations that even from today’s viewpoint are comprehensible. SMALL VERSUS SMALL Of course, country size was not the only determinant of how small European states chose their exchange-rate regime during the twentieth century.
For the same reason, I also have excluded the monetary history of Belgium during the 1920s because the devaluation of the Belgian franc is largely a result of the wartime occupation and the struggle for reparations. 2 The following four chapters thus try not only to expose the patterns of exchangerate policies pursued by small advanced states but are also limited to those episodes that have been partially neglected by financial historians. 2 Shepherd (1936), Chlepner (1943), Baudhuin (1946a, 1946b), van der Wee and Tavernier (1975), Cassiers (1989), and Eichengreen (1992).
Baumann and Halbeisen (1999). Wandschneider (2008) and Wolf (2008) also emphasize the importance of trade, banking, and the creditor status of a country. Introduction 15 parity mainly because they suffered from large trade deficits in 1919–1920, and their banking systems proved less able to deal with the depression of the early 1920 than those of the Netherlands, Sweden, and Switzerland. Second, the devaluations of the Scandinavian currencies in 1931 can be explained by close trade relations with the United Kingdom, the importance of sterling for shipping contracts, and – especially in the case of the Swedish krona – the high amount of net short-term foreign debt in combination with the contagious effect of the sterling crisis.