Elusive Stability Essays in the History of International Finance, 19191939 [Paperback]

A new interpretation of the operation and macroeconomic repercussions of the international monetary system during the interwar years.Eleven essays are concerned with the role of exchange rates in macroeconomic fluctuations from the American and European perspective in a new interpretation of the international monetary system during the interwar years.Eleven essays are concerned with the role of exchange rates in macroeconomic fluctuations from the American and European perspective in a new interpretation of the international monetary system during the interwar years.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 interwar experience from a long-run 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 192127: 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, 19261932; 6. International policy coordination in historical perspective: a view from the interwar years; 7. The economic consequences of the Franc Poincar? with Charles Wyplosz; 8. Sterling and the tariff, 192932; 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. This elegant and useful book belongs on the shelf of all serious students of twentieth-century monetary and financial history. Journal of Interdisciplinary History This book is well written.... No other model3%