By Jean-Pierre Patat
This financial historical past of recent France among 1897-1984 involves chapters masking particular sub-periods, from the most suitable interval of 1897-1914 via to the growth with inflation part of 1968-73. each one bankruptcy supplies an account of the industrial state of affairs and coverage judgements as a heritage to a extra targeted research of economic and fiscal advancements. The paintings makes a speciality of the variety of things affecting coverage, fiscal and fiscal advancements in every one sub-period, taking note of hobbies within the opposite numbers of the cash inventory, to the determinants of financial institution reserves and to personal quarter portfolio judgements. The publication concludes with a long statistical appendix, which units out very important new quarterly and per month statistical sequence for the cash inventory and its opposite numbers.
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Additional info for A Monetary History of France in the Twentieth Century
We have chosen to take the year 1897 as the starting point for this book, not from a taste for paradox, but because at least four reasons seemed to us to justify this choice: (i) the first is that later developments, notably those of the 1920s, can be understood only when we start by taking account of the earlier system, in this instance the classical system of the gold standard, 'a rigid monetary structure with instruments of payment organised into a hierarchy' (R. Marjolin); (ii) the second is that the time divisions of historians are sometimes arbitrary.
The annual average thus corresponded to FFr2. 7 billion (this was also the amount observed in 1913). In the same period savings bank deposits grew by only a few hundred millions and M2 by half a billion (FFr) each year. 3, in which annual averages have been calculated for the period 1910-13, shows how far the financial structure of the French economy of the period was different from that which prevails even today. THE MONETARY CONJUNCTURE The monetary regime in force before 1914 thus permitted only limited excesses.
The regime of the Assembly did not prevent a certain ministerial stability, particularly between 1899 and 1905 when two presidents of the Council beat the records for length of term: Waldeck-Rousseau (1899-1902) and even more Combes (1902-05) 2 ; the longevity of Delcasse at the Quai d'Orsay is well known. 3 THE RENEWED RISE IN WORLD PRICES The Belle Epoque was such above all because it was a period when world prices resumed their rise, after the Great Depression. This resumption was associated with an acceleration of economic growth, still tentative between 1897 or 1905 but thereafter decisive.
A Monetary History of France in the Twentieth Century by Jean-Pierre Patat