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Banking, Currency, and Finance in Europe Between the Wars$
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Charles H. Feinstein

Print publication date: 1995

Print ISBN-13: 9780198288039

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198288034.001.0001

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German and British Monetary Policy, 1919–1932

German and British Monetary Policy, 1919–1932

Chapter:
(p.151) 5 German and British Monetary Policy, 1919–1932
Source:
Banking, Currency, and Finance in Europe Between the Wars
Author(s):

Theo Balderston

Publisher:
Oxford University Press
DOI:10.1093/0198288034.003.0006

Balderston contrasts the exchange rate and monetary policies in Germany with those in Britain. He examines the economic and political determinants of the monetary and fiscal policies adopted in the two countries in the 1920s, and their contrasting attitudes to the defence of the currency under the gold standard. He concludes that although the failure of central banks to cooperate hastened the collapse of the gold standard, it was in each case the uncertainty of market expectations with respect to the currencies that was of primary importance. Given this uncertainty, the level of support needed to maintain confidence in the two parities would have been much larger than in earlier gold standard crises (such as 1890 or 1907), and was probably not feasible.

Keywords:   Britain, central banks, currencies, exchange rate, fiscal policy, Germany, gold standard, market expectation, monetary policy, uncertainty

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