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Les stabilisations des années vingt. Réflexions sur la notion de crédibilité

Author

Listed:
  • Mathilde Maurel

    (ROSES - Réformes et Ouverture des Systèmes Economiques post-Socialistes - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

The twenties are akin to laboratory experiments which are useful for the ana­lysis of monetary events. Sargent (1982) highlights the role of credibility in the suc­cess of economic policy and the examplarity of the twenties for understanding contemporaneous stakes. Our model is based on the monetary financing of the deficit ; hence it suggests that any generalization is cautious. Two empirical illus­trations are proposed : the German and Hungarian hyperinflation and stabilization processes.

Suggested Citation

  • Mathilde Maurel, 1997. "Les stabilisations des années vingt. Réflexions sur la notion de crédibilité," Post-Print halshs-00468767, HAL.
    • Handle: RePEc:hal:journl:halshs-00468767
    DOI: 10.2307/3502840
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    References listed on IDEAS

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    5. Michael, P & Nobay, A R & Peel, D A, 1994. "The German Hyperinflation and the Demand for Money Revisited," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 35(1), pages 1-22, February.
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    Cited by:

    1. Muriel Dal-Pont Legrand & Dominique Torre, 2014. "Pierre Quesnay (1895-1937) from the League of Nations to the Franc Poincaré: Financial Discipline and Monetary Pragmatism," GREDEG Working Papers 2014-43, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.

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    More about this item

    Keywords

    financement monétaire du déficit; politique économique;

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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