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By Jean-Pierre Patat

This financial heritage of recent France among 1897-1984 includes chapters masking particular sub-periods, from the surest interval of 1897-1914 via to the growth with inflation part of 1968-73. every one bankruptcy offers an account of the commercial state of affairs and coverage judgements as a history to a extra designated research of financial and fiscal advancements. The paintings specializes in the variety of things affecting coverage, monetary and fiscal advancements in every one sub-period, taking note of pursuits within the opposite numbers of the cash inventory, to the determinants of financial institution reserves and to non-public zone portfolio judgements. The publication concludes with a long statistical appendix, which units out vital new quarterly and per 30 days statistical sequence for the money inventory and its opposite numbers.

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Extra info for A Monetary History of France in the Twentieth Century

Sample text

As Aftalion wrote, 'The dollar rate index (prewar base 100) which stayed at 105 during the latter months of 1918 and the early months of 1919 began to rise from March of that year' ,7 that is, after the termination of the agreements. In April 1920 it reached a first maximum of 313. After some months of fluctuation, it reached a second maximum of 326 in December. 99 between March and December 1919. 8 At the same time there was a constant delay in the reparations, while the Allies were demanding payment of France's debts.

1 ~ ~ SOURCE author's calculations. * Not including specie in circulation. ;:;· ::z:: 0 ~ E) (1) ;: ~ ~ N 0\ The First World War 27 • the maintenance of the external reserves, for the reasons noted above; • the rise in importance of claims on the Treasury, which had been nil at the beginning of the period: • the associated and relatively less rapid growth of claims on the economy. The lead given here by the Banque de France at the beginning of the war appears clearly, after which the situation returned to normal.

III); M2- authors' calculations. ) - ;:s ... 5 billion in 1914; but before the war the public had held about FFr6 billion in coin whereas it possessed less than FFr2 billion at the time of the victory. The gold backing of the note circulation plus bank deposits thus fell from more than 80 per cent in 1914 to 18 per cent in 1919. An easy but tempting comparison of these two backing ratios gives the ratio of 1 to 5, which is the ratio that eventually existed between the new gold value of the franc after the stabilisation of 1928 and that which had been assigned to it in 1914.

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