By Kenneth Mouré

Did French gold coverage reason the nice melancholy? The best phantasm attracts on newly-available French documents to check the most useful interpretation of the good melancholy. It presents a background of French fiscal figuring out, policy-making, and politics in regards to gold, financial coverage, and the major position of economic difficulties in political instability from 1914 to 1939.

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Additional resources for The Gold Standard Illusion: France, the Bank of France, and the International Gold Standard, 1914-1939

Sample text

Gathering sufficient information to supervise and control the Paris market would be a major task begun but not completed in the inter-war period. Lack of trust on the part of the commercial banks hampered the Bank’s efforts to obtain reliable information and co-operation, until the Bank retreated from direct discounting in order to obtain their co-operation in defence of the franc in 1935. The objectives of Bank policy and the instruments used to achieve it would evolve in the inter-war period.

The alternative instrument employed elsewhere, particularly in England—open market operations—was rejected by the Bank through most of the inter-war period, and accepted reluctantly and on a limited scale at the end of the 1930s. 31 Patron, Bank of France, 107–12; here p. 112. ’, reprinted in Plessis, Histoires de la Banque de France, 161–82; and Blancheton, ‘Trésor, Banque de France et politique monétaire’. 33 Blancheton, ‘Trésor, Banque de France et politique monétaire’, 102–6. 32 The Gold Standard and Central Banking 26 The inter-war period marked a critical shift in the development of central banks and economic policy.

On the various monnaies divisionnaires brought into existence to meet local needs, see René Sédillot, Histoire du franc (Paris: Recueil Sirey, 1939), 283–5. 10 See discussion of these notes in the second meeting of the 1918 Commission Monétaire on 28 May 1918; procès-verbal in BdF, 1397199403/29. 11 Between 18 Aug. and 3 Sept. 1914, the Bank removed 36 million francs in silver, 4 billion francs in gold, and 12 more than 40 million in securities to the south of France. DCG, 12 Aug. 1914. 13 On the conflict between the Bank and the clearing banks in 1914, see De Cecco, The International Gold Standard, ch.

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