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

A new interpretation of the operation and macroeconomic repercussions of the international monetary system during the interwar years.

Barry Eichengreen (Author)

9780521448475, Cambridge University Press

Paperback, published 26 February 1993

348 pages, 31 b/w illus. 34 tables
22.9 x 15.2 x 2 cm, 0.51 kg

'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.' Choice

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.

List of tables
List of figures
List of charts
Acknowledgements
1. Introduction
2. Real exchange rate behavior under alternative international monetary regimes
3. Understanding 1921–27: inflation and economic recovery in the 1920s
4. Bank rate policy under the interwar gold standard with Mark W. Watson and Richard S. Grossman
5. The Bank of France and the sterilization of gold, 1926–1932
6. International policy coordination in historical perspective: a view from the interwar years
7. The economic consequences of the Franc Poincaré with Charles Wyplosz
8. Sterling and the tariff, 1929–32
9. Exchange rates and economic recovery in the 1930s with Jeffrey Sachs
10. The gold-exchange standard and the Great Depression
11. Hegemonic stability theories of the international monetary system
Notes
References
Index.

Subject Areas: Economic history [KCZ]