By Charles H. Feinstein
This paintings presents an authoritative learn of the interwar monetary heritage of Europe. The guidelines and practices resulting in, and flowing from, the trade price crises and banking disasters of 1929-33 are explored at 3 degrees: total topics reports in a global viewpoint, comparative analyses of the adventure of pairs of nations, and distinct surveys of person nations.
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Additional resources for Banking, Currency, and Finance in Europe between the Wars
As seen from London the gold standard was thus not operated according to the rules, and the necessary adjustment process was frustrated. The position was exacerbated by the very low level of foreign investment by France; with their pre-1913 assets largely wiped out by the war and the Russian Revolution, French rentiers had become extremely reluctant to trust any more of their savings to foreign governments and enterprises. Treasury and central bank ofﬁcials in Paris and London argued bitterly in public and private over the reasons for the movement of gold to France, over what action should or could be taken in order for the ﬂow to be reversed, and over whose responsibility it was to take the corrective measures.
From the outbreak of war until the summer of 1921 the currency in circulation and the internal price level had increased broadly in line (apart from a brief ‘ﬂight from the mark’ in 1919) so that there was virtually no change in the real value of the paper money in circulation. But then the signing of the London Ultimatum and the imposition of what were seen to be excessive demands for reparations changed expectations. From the summer of 1921 the ﬂight from the currency became continually quicker as ﬁrst Germans and then foreigners lost conﬁdence in the value of the mark.
H. FEINSTEIN, P. TEMIN, AND G. 1 the extent of the inﬂation in 1920 varied widely, but the experience of rising prices was common to all countries. 1. Consumer Price Indices, European Countries, 1918–1926 (1914 = 100) 1918 (1) 1920 (2) hyperinﬂation until 1922 or 1923 Austria 1,163 5,115 Germany 304 990 Countries in which inﬂation continued after 1920 Belgium 1,434 — Finland 633 889 Italy 289 467 France 213 371 Countries in which inﬂation was controlled after 1920 Norway 253 300 Sweden 219 269 Switzerland 204 224 UK 200 248 Denmark 182 261 Netherlands 162 194 a 1922 (3) 1924 (4) 1926 (5) 263,938 14,602 86a 128a 103 141 340 1,033 467 315 469 1,055 481 395 604 1,078 618 560 231 198 164 181 200 149 239 174 169 176 216 145 206 173 162 171 184 138 Linked to base year via gold price.