By Jean-Pierre Patat
This financial historical past of recent France among 1897-1984 involves chapters masking particular sub-periods, from the premiere interval of 1897-1914 via to the growth with inflation section of 1968-73. every one bankruptcy supplies an account of the commercial state of affairs and coverage judgements as a heritage to a extra specific research of financial and fiscal advancements. The paintings specializes in the diversity of things affecting coverage, financial and financial advancements in every one sub-period, being attentive to routine within the opposite numbers of the money inventory, to the determinants of financial institution reserves and to personal quarter portfolio judgements. The publication concludes with a long statistical appendix, which units out vital new quarterly and per 30 days statistical sequence for the money inventory and its opposite numbers.
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Additional resources for A Monetary History of France in the Twentieth Century
Lysis was the pseudonym of two 'neo-Saint-Simonians', Vergeot and Letailleur (cf. Allinne, 1983 p. 8). 10. Marjolin (1941, p. 56). 11. Dauphin-Meunier (1936). 12. The proportion of silver in the reserves of the Banque de France fell progressively from 67 per cent in 1881 to less than 12 per cent in 1914 (Sedillot, 1971 p. 101). 13. Ramon (1929, p. 419). 14. Lindert (1969). 15. The opinion was often put forward at the time (and is sometimes found today in ill-informed works) that the French savings ratio at that time was exceptional, in comparison both with other countries and with the present time.
In 1925 the money stock resumed a particularly rapid growth rate. 2). These two movements, monetary expansion and depreciation of the exchange rate, continued until July 1926; by that date the money stock had risen by 47 per cent in 20 months and the value of the dollar in francs had gone up by 150 per cent. The creation of money benefited the banks only partially. During the war 1 the place of precious metals had been taken by Banque de France banknotes and not by bank deposits, the share of which in overall monetary assets had gone from more than 60 per cent in 1913 to 30 per cent in 1918.
The gold thus released was used in 1915 for the payment of indispensable imports supplied by the United States, until credits made it possible to avoid recourse to such shipments. The end of the credits, in 1919, led to new sales of gold. 6. 9 billion at the end of 1913, regained this level only in the course of 1917. ). One sizeable exception was the development of the Banque Nationale de Credit, which pulled itself up during the war into the fourth position among the very large banks. 7. We draw heavily on A.