By Barry Eichengreen
This booklet deals a reassessment of the overseas financial difficulties that ended in the worldwide financial concern of the Nineteen Thirties. It explores the connections among the gold standard--the framework regulating overseas financial affairs till 1931--and the good melancholy that broke out in 1929. Eichengreen indicates how fiscal guidelines, along with the imbalances created via global warfare I, gave upward push to the worldwide trouble of the Thirties. He demonstrates that the ultimate essentially restricted the industrial regulations that have been pursued and that it used to be principally chargeable for growing the risky financial surroundings on which these rules acted. The e-book additionally offers a helpful standpoint at the fiscal guidelines of the post-World warfare II interval and their consequences.
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Additional info for Golden Fetters: The Gold Standard and the Great Depression, 1919-1939
Under such circumstances, the most prominent central bank, the Bank of England, signaled the need for coordinated action. When it lowered its discount rate, other central banks usually responded in kind. In effect, the Bank of England provided a focal point for the harmonization of national monetary policies. 10 Major crises, in contrast, typically required different responses from different countries. The country losing gold and threatened by a convertibility crisis had to raise interest rates to attract funds from abroad; other countries had to loosen domestic credit conditions to make funds available to the central bank experiencing difficulties.
Europe's banking systems were interconnected by a network of foreign deposits. 19) German banks and companies maintained deposits in Vienna. Austrian banks and companies held deposits in Berlin. By their nature, these balances were the most mobile internationally. Disturbing revelations about the condition of a national banking system might cause foreign depositors to repatriate their funds. The capital account of the balance of Page 21 of 43 Introduction payments would weaken and the banking crisis would lead to a convertibility crisis.
In countries like France that suffered persistent inflation, discretionary monetary management came to be seen as the source of financial instability rather than the solution. In countries like Britain that had avoided persistent inflation and restored their prewar parities, the increasingly multipolar nature of the world economy and the growing prominence of foreign exchange reserves heightened the importance attached to intervention and cooperation. 11) standard constraints, which had been circumvented by international cooperation, had set the stage for the economic collapse that started in 1929.