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French exchange rate management in the 1920s

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  • Blancheton, Bertrand
  • Maveyraud, Samuel

Abstract

This article challenges the conventional view of the existence of a pure floating regime in France during the mid 1920s. Our study, based on the archives of the Bank of France and the French Ministry of Finance, as well as a thorough examination of the exchange rates (FRF/USD) and (FRF/GBP) during the 1920s, reveals that the French authorities did intervene on several occasions. From these first direct actions, as well as some other abortive attempts, several lessons can be drawn about the effectiveness of interventions on a ‘modern’ exchange rate market.

Suggested Citation

  • Blancheton, Bertrand & Maveyraud, Samuel, 2009. "French exchange rate management in the 1920s," Financial History Review, Cambridge University Press, vol. 16(2), pages 183-201, October.
    • Handle: RePEc:cup:fihrev:v:16:y:2009:i:02:p:183-201_99
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    Cited by:

    1. Blancheton, Bertrand, 2016. "Central bank independence in a historical perspective. Myth, lessons and a new model," Economic Modelling, Elsevier, vol. 52(PA), pages 101-107.
    2. Alain Naef, 2021. "Dirty float or clean intervention? The Bank of England in the foreign exchange market," European Review of Economic History, European Historical Economics Society, vol. 25(1), pages 180-201.
    3. Rui Esteves, 2011. "The Political Economy of Global Financial Liberalisation in Historical Perspective," Oxford Economic and Social History Working Papers _089, University of Oxford, Department of Economics.
    4. Rui P. Esteves, 2011. "The Political Economy of Global Financial Liberalisation in Historical Perspective," Oxford University Economic and Social History Series _089, Economics Group, Nuffield College, University of Oxford.

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