Elusive Stability: Essays in the History of International Finance, 1919–1939

Barry Eichengreen

doi:10.1017/CBO9780511664397

This volume provides a new interpretation of the operation and macroeconomic repercussions of the international monetary system during the interwar years. Each of the eleven essays is explicitly concerned with the role of exchange rates in macroeconomic fluctuations from the American and European perspective. The final essay examines the interwar experience from a long-term perspective.

‘ … new, impressive, and illuminating collection of essays from Professor Eichengreen … His method of argument is rigorous and detached; and the algebra is happily not allowed to overwhelm the sense.’

Douglas Jay Source: Financial Times

‘This elegant and useful book belongs on the shelf of all serious students of twentieth-century monetary and financial history.’

Source: Journal of Interdisciplinary History

‘This book is well written … No other modern work covers this subject. A student with some knowledge of international finance could follow the argument even without the mathematical and statistical background required to evaluate the models that summarize the basic argument of each chapter.’

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Contents

Frontmatter
pp i-iv
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Contents
pp v-vi
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List of tables
pp vii-viii
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List of figures
pp ix-x
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Acknowledgments
pp xi-xii
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1 - Introduction
pp 1-13
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2 - Real exchange rate behavior under alternative international monetary regimes
pp 14-23
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3 - Understanding 1921–1927: inflation and economic recovery in the 1920s
pp 24-56
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4 - Bank Rate policy under the interwar gold standard
pp 57-82
- By Mark W. Watson, Richard S. Grossman
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5 - The Bank of France and the sterilization of gold, 1926–1932
pp 83-112
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6 - International policy coordination in historical perspective: a view from the interwar years
pp 113-152
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7 - The economic consequences of the franc Poincaré
pp 153-179
- By Charles Wyplosz
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8 - Sterling and the tariff, 1929–1932
pp 180-214
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9 - Exchange rates and economic recovery in the 1930s
pp 215-238
- By Jeffrey Sachs
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10 - The gold-exchange standard and the Great Depression
pp 239-270
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11 - Hegemonic stability theories of the international monetary system
pp 271-311
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References
pp 312-328
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Index
pp 329-335
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Elusive Stability

Essays in the History of International Finance, 1919–1939

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Contents

Frontmatter
pp i-iv

Contents
pp v-vi

List of tables
pp vii-viii

List of figures
pp ix-x

Acknowledgments
pp xi-xii

1 - Introduction
pp 1-13

2 - Real exchange rate behavior under alternative international monetary regimes
pp 14-23

3 - Understanding 1921–1927: inflation and economic recovery in the 1920s
pp 24-56

4 - Bank Rate policy under the interwar gold standard
pp 57-82

5 - The Bank of France and the sterilization of gold, 1926–1932
pp 83-112

6 - International policy coordination in historical perspective: a view from the interwar years
pp 113-152

7 - The economic consequences of the franc Poincaré
pp 153-179

8 - Sterling and the tariff, 1929–1932
pp 180-214

9 - Exchange rates and economic recovery in the 1930s
pp 215-238

10 - The gold-exchange standard and the Great Depression
pp 239-270

11 - Hegemonic stability theories of the international monetary system
pp 271-311

References
pp 312-328

Index
pp 329-335

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Elusive Stability

Essays in the History of International Finance, 1919–1939

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