Skip to main content Accessibility help

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
×
Hostname: page-component-669899f699-vbsjw Total loading time: 0 Render date: 2025-05-05T03:22:11.343Z Has data issue: false hasContentIssue false

CHAPTER IV - The gold standard and national financial policies, 1919–39

Published online by Cambridge University Press:  28 March 2008

By
D. E. Moggridge
Edited by
Peter Mathias  and
Sidney Pollard
D. E. Moggridge
Affiliation:
University of Toronto
Get access

Summary

The inter-war gold standard, along with most other aspects of economic experience for that period, has a relatively bad name in the literature. In part, this bad name has been a product of the myth-making about the ‘bad old days’ which accompanied the birth of such post-1930s institutions as the International Monetary Fund. In part, inter-war gold standard experience acquired its reputation through a process of guilt by association which suggested that it must have played a significant role in the economic difficulties of the period, most notably in the years after 1928–9. This guilt-by-association view of the standard is perhaps strongest in Great Britain, where references to the return to gold in 1925 or subsequent, related events recur in articles or letters in the press to this day.

The purpose of this chapter is to examine the construction, operation and disintegration of the inter-war gold standard system. In doing so, I shall pay particular attention to the interrelationships between the system as a whole and its constituent countries. The focus throughout will be predominantly European, but events in overseas economies will enter the story where appropriate and, of course, the United States remains omnipresent.

The war

The inter-war gold standard had its origins in the effects of the First World War on the pre-war gold standard regime. Although ‘no simple statement with respect to the breakdown of the gold standard during the war can be true’, it is clear that in most countries the forms of the prewar system were sufficiently altered that significant changes in the bases of the old system were possible.

Type
Chapter
Information
The Cambridge Economic History of Europe from the Decline of the Roman Empire , pp. 250 - 314
Publisher: Cambridge University Press
Print publication year: 1989

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Book purchase

Temporarily unavailable

References

Aldcroft, Derek H.The Inter-War Economy: Britain 1919–1939. London, 1970.Google Scholar
Aldcroft, Derek H.From Versailles to Wall Street 1919–1929. London, 1977.Google Scholar
Alford, B. W. E.Depression and Recovery? British Economic Growth 1918–1939. London, 1972.Google Scholar
Aliber, Robert Z. ‘Speculation in the Foreign Exchanges: The European Experience, 1919–1926’, Yale Economic Essays, vol. II, part I (Spring 1966).Google Scholar
Anderson, Benjamin M.Economics and the Public Welfare: Financial and Economic History of the United States, 1914–1946. New York, 1949.Google Scholar
Arndt, H. W.The Economic Lessons of the Nineteen-Thirties. London, 1944.Google Scholar
Atkin, J. M. ‘Official Regulation of British Overseas Investment, 1914–1931’, Economic History Review, 2nd series, vol. XXIII, part 2 (August 1970).Google Scholar
Balderston, T. ‘The German Business Cycle in the 1920s: A Comment’, Economic History Review, 2nd series, vol. XXX, part I (February 1977).Google Scholar
Balderston, T. ‘The Beginnings of the Depression in Germany, 1927–1930: Investment and Capital Markets’, Economic History Review, 2nd series, vol. XXXVI, part 3 (August 1983).Google Scholar
Balogh, Thomas. ‘The Import of Gold into France: An Analysis of the Technical Position’, Economic Journal, vol. XL, no. 159 (September 1930).Google Scholar
Balogh, Thomas. Studies in Financial Organisation, National Institute of Economic and Social Research, Economic and Social Studies, VI. Cambridge, 1947.Google Scholar
,Bank for International Settlements, Monetary and Economic Department, The Sterling Area (Basle, 1953).
,Bank for International Settlements, Seventh Annual Report (Basle, 1937), Annex VII.
,Bank for International Settlements. The Sterling Area. Basle, 1953.
,Bank of England Panel of Economic Consultants. ‘The U.K. Economic Recovery in the 1930s’, Panel Paper, no. 23 (April 1984).
Benham, Frederick. British Monetary Policy. London, 1932.Google Scholar
Bennett, Edward W.Germany and the Diplomacy of the Financial Crisis, 1931. Cambridge, Mass., 1962.Google Scholar
Beyen, J. W.Money in Maelstrom. London, 1951.Google Scholar
Bloomfield, Arthur I. ‘Rules of the Game of International Adjustment’, in Whittlesey, C. R. and Wilson, J. S. G. (eds.), Essays in Money and Banking in Honour of R. S. Sayers. Oxford, 1968.Google Scholar
Bonn, M. J.Wandering Scholar. New York, 1948.Google Scholar
Boyle, Andrew. Montagu Norman: A Biography. London, 1967.Google Scholar
Bresciani-Turroni, Constantino. The Economics of Inflation: A Study of Currency Depreciation in Post-War Germany, 1914–1923 (trans. Sayers, M. E.). London, 1937.Google Scholar
Brown, A. J.The Framework of Regional Economics in the United Kingdom. National Institute of Economic and Social Research, Economic and Social Studies, XXVII. Cambridge, 1972.Google Scholar
Brown, W. A. Jr.The International Gold Standard Reinterpreted, 1914–34. New York, 1940.Google Scholar
Brown, William Adams Jr., The International Gold Standard Reinterpreted, 1914–1934. 2 vols. New York, 1940.Google Scholar
Brunner, K. (ed.). The Great Depression Revisited. The Hague, 1981.CrossRefGoogle Scholar
Cairncross, A. and Eichengreen, B. J.Sterling in Decline: Three Devaluations of Sterling. Oxford, 1983.Google Scholar
Capie, F. ‘The British Tariff and Industrial Protection in the 1930s’, Economic History Review, 2nd series, vol. XXXI, part 3 (August 1978).Google Scholar
Cassel, Gustav. Postwar Monetary Stabilization. New York, 1928.Google Scholar
Cassel, Gustav. The Downfall of the Gold Standard. Oxford, 1936.Google Scholar
Chandler, Lester V.Benjamin Strong: Central Banker. Washington, DC, 1958.Google Scholar
Chandler, Lester V.American Monetary Policy 1928–1941. New York, 1971.Google Scholar
Child, Frank C.The Theory and Practice of Exchange Control in Germany. The Hague, 1958.CrossRefGoogle Scholar
Clarke, Stephen V. O.Central Bank Cooperation 1924–1931. New York, 1967.Google Scholar
Clarke, Stephen V. O. ‘The Reconstruction of the International Monetary System: The Attempts of 1922 and 1933’, Princeton Studies in International Finance, no. 33 (November 1973).Google Scholar
Clarke, Stephen V. O. ‘Exchange-Rate Stabilization in the Mid-1930s: Negotiating the Tripartite Agreement’, Princeton Studies in International Finance, no. 41 (September 1977).Google Scholar
Clauson, G. L. M. ‘The British Colonial Currency System’, Economic Journal, vol. LIV, no. 213 (April 1944).Google Scholar
Clay, Henry Sir. Lord Norman. London, 1957.Google Scholar
Cohen, Benjamin J. ‘International Reserves and Liquidity’, in Peter, B. Kennen (ed.), International Trade and Finance: Frontiers for Research. Cambridge, 1975.Google Scholar
Cohen, Jon S. ‘The 1927 Revaluation of the Lira: A Study in Political Economy’, Economic History Review, 2nd series, vol. XXV, part 4 (November 1972).Google Scholar
Cooper, Richard N. ‘International Liquidity and Balance of Payments Adjustment’, in International Monetary Fund, International Reserves: Needs and Availability. Washington, DC, 1970.Google Scholar
Copland, D. B.Australia in the World Crisis 1929–1933. Cambridge, 1934.Google Scholar
Costigliola, Frank C. ‘Anglo-American Financial Rivalry in the 1920s’, Journal of Economic History, vol. XXXVII, part 4 (December 1977).Google Scholar
Dam, K. W.The Rules of the Game: Reform and Evolution in the International Monetary System. Chicago, 1982.Google Scholar
Davis, Joseph S.The World between the Wars, 1919–39: An Economist's View. Baltimore, 1975.Google Scholar
Deutsches, Bundesbank. Währung und Wirtschaft in Deutschland 1876–1976. Frankfurt, 1976.Google Scholar
Dimsdale, N. H. ‘British Monetary Policy and the Exchange Rate 1920–1938’, in Eltis, W. A. and Sinclair, P. J. N. (eds.), The Money Supply andthe Exchange Rate. Oxford, 1981.Google Scholar
Drummond, I. M. ‘London, Washington and the Management of the Franc, 1935–1939’, Princeton Studies in International Finance, no. 45 (November 1979).Google Scholar
Drummond, I. M.The Floating Pound and the Sterling Area 1931–1939. Cambridge, 1981.CrossRefGoogle Scholar
Dulles, Eleanor Lansing. The French Franc, 1914–1928: The Facts and their Interpretation. New York, 1929.Google Scholar
Eastman, Harry C. ‘French and Canadian Exchange Rate Policy’, Journal of Economic History, vol. XV, no. 4 (December 1955).Google Scholar
Eichengreen, B. J. ‘Sterling and the Tariff, 1929–1932’, Princeton Studies in International Finance, no. 48 (September 1981).Google Scholar
Eichengreen, B. J. ‘Central Bank Cooperation under the Interwar Gold Standard’, Explorations in Economic History, vol. XXI, no. 1 (January 1984).Google Scholar
Ellis, Howard S.Exchange Control in Central Europe, Harvard Economic Studies, vol. LXIX. Cambridge, Mass., 1941.Google Scholar
Falkus, M. E. ‘The German Business Cycle in the 1920s’, Economic History Review, 2nd series, vol. XVIII, part 3 (August 1975).Google Scholar
Falkus, M. E. ‘The German Business Cycle in the 1920s: A Reply’, Economic History Review, 2nd series, vol. XXX, no. 1 (February 1977).Google Scholar
Feis, H.1933: Characters in Crisis. Boston, 1966.Google Scholar
Feldman, G. D., Holtfereich, C. L., Ritter, G. A. and Witt, P. C. (eds.). The Experience of Inflation. Berlin, 1982.Google Scholar
Feldman, G. D., Holtfereich, C. L., Ritter, G. A. and Witt, P. C. (eds.). The German Inflation. Berlin, 1982.Google Scholar
Fleisig, Heywood. ‘The United States and the Non-European Periphery during the Early Years of the Great Depression’, in van der Wee, H. (ed.), The Great Depression Revisited. The Hague, 1972.Google Scholar
Frenkel, Jacob A. ‘Purchasing Power Parity: Doctrinal Perspective and Evidence’, Journal of International Economics, vol. VIII, part 2 (May 1978).Google Scholar
Friedman, M., ‘The Case for Flexible Exchange Rates’, in his Essays in Positive Economics (Chicago, 1953), especially p..Google Scholar
Friedman, Milton and Schwartz, Anna Jacobson. A Monetary History of the United States, 1867–1960. Princeton, 1963.Google Scholar
Friedman, Milton. Essays in Positive Economics. Chicago, 1953.Google Scholar
Gardner, Richard N.Sterling-Dollar Diplomacy: The Origins and Prospects of our International Economic Order. Rev. edn. New York, 1969.Google Scholar
Gayer, A. D.Monetary Policy and Economic Stabilisation: A Study of the Gold Standard. 2nd edn. London, 1937.Google Scholar
Gilbert, Milton. Currency Depreciation and Monetary Policy. Philadelphia, 1939.Google Scholar
Graham, Frank D.Exchange, Prices and Production in Hyperinflation: Germany, 1920–1923. Princeton, 1930.Google Scholar
Graham, Frank D. ‘Recent Movements in International Price Levels and the Doctrine of Purchasing Power Parity’, Journal of the American Statistical Association, vol. XXX (1935).Google Scholar
Gregory, T. E.The Return to Gold. London, 1925.Google Scholar
Gregory, T. E.The First Year of the Gold Standard. London, 1926.Google Scholar
Gregory, T. E. ‘The “Norman Conquest” Reconsidered’, Lloyds Bank Review, October 1957.Google Scholar
Gregory, T. E. ‘Lord Norman: A New Interpretation’, Lloyds Bank Review (April 1968).Google Scholar
Grubel, Herbert G.The International Monetary System. 3rd edn. Harmondsworth, Middx., 1977.Google Scholar
Harris, Seymour E.Exchange Depreciation: Its Theory and History, 1931–35, with some Consideration of Related Domestic Policies. Harvard Economic Studies, vol. LIII. Cambridge, Mass., 1936.CrossRefGoogle Scholar
Hawke, G. R. ‘New Zealand and the Return to Gold in 1925’, Australian Economic History Review, vol. XI, no. 1 (March 1971).Google Scholar
Hawtrey, R. G.Good and Bad Trade. London, 1913.Google Scholar
Hawtrey, R. G.Currency and Credit. London, 1919.Google Scholar
Hawtrey, R. G. ‘The Genoa Resolutions on Currency’, Economic Journal, vol. XXXI, no. 127 (September 1922).Google Scholar
Hawtrey, R. G.The Art of Central Banking. London, 1932.Google Scholar
Hawtrey, R. G.The Gold Standard in Theory and Practice, 5th edn. London, 1947.Google Scholar
Hodgson, John S. ‘An Analysis of Floating Exchange Rates: The Dollar-Sterling Rate, 1919–1925’, Southern Economic Journal, vol. XXXIX, part 3 (October 1972).Google Scholar
Holtfereich, C. L.Die deutsche Inflation 1914–1923: Uraschen and Folgen in internationaler Perspektive. Berlin, 1980.CrossRefGoogle Scholar
Hoover, Calvin D. ‘Old and New Issues in Regional Development’, in Robinson, E. A. G. (ed.), Backward Areas in Advanced Countries. London, 1969.Google Scholar
Howson, Susan and Winch, Donald. The Economic Advisory Council, 1930–1939: A Study of Economic Advice During Depression and Recovery. Cambridge, 1977.CrossRefGoogle Scholar
Howson, Susan. ‘The Origins of Dear Money, 1919–20’, Economic History Review, 2nd series, vol. XXVII, no. 1 (February 1974).Google Scholar
Howson, Susan. Domestic Monetary Management in Britain 1919–38. University of Cambridge, Department of Applied Economics, Occasional Paper 48. Cambridge, 1975.Google Scholar
Howson, Susan. ‘The Managed Floating Pound 1932–9’, The Banker, vol. CXXVI, no. 601 (March 1976).Google Scholar
Howson, Susan. ‘Monetary Theory and Policy in the 20th Century: The Career of R. G. Hawtrey’, in Flinn, M. (ed.), Proceedings of the Seventh International Economic History Congress. Edinburgh, 1978.Google Scholar
Howson, Susan. ‘Sterling's Managed Float: The Operation of the Exchange Equalisation Account, 1932–1939’, Princeton Studies in International Finance, no. 46 (November 1980).Google Scholar
Hume, I. J. ‘The Gold Standard and Deflation: Issues and Attitudes in the Nineteen Twenties’, Economica, NS, vol. XXX, no. 119 (August 1963).Google Scholar
Hurst, Willard. ‘Holland, Switzerland and Belgium, and the English Gold Crisis of 1931’, Journal of Political Economy, vol. XL, no. 3 (October 1932).Google Scholar
Jacobsson, Per. Some Monetary Problems, International and National. London, 1958.Google Scholar
James, H. ‘The Causes of the German Banking Crisis of 1931’, Economic History Review, 2nd series, vol. XXXVII, part 1 (February 1984).Google Scholar
James, H.The Reichsbank and Public Finance in Germany 1924–1933: A Study of the Politics of Economics during the Great Depression. Frankfurt, 1985.Google Scholar
Johnson, E. ed., (The Collected Writing of John Maynard Keynes, vol. XVII, London, 1978).Google Scholar
Kahn, Alfred E.Great Britain in the World Economy. New York, 1946.Google Scholar
Kemp, Tom. ‘The French Economy under the Franc Poincaré’, Economic History Review, 2nd series, vol. XXIV, part I (February 1971).Google Scholar
Kemp, Tom. The French Economy, 1919–39: The History of a Decline. London, 1972.Google Scholar
Keynes, J. M.The Economic Consequences of the Peace. London, 1971 (first published 1919).CrossRefGoogle Scholar
Keynes, J. M.A Revision of the Treaty: Being a Sequel to the Economic Consequences of the Peace. London, 1972 (first published 1922).Google Scholar
Keynes, J. M.A Tract on Monetary Reform. London, 1923.Google Scholar
Keynes, J. M.The Economic Consequences of Mr Churchill. London, 1925.Google Scholar
Keynes, J. M. ‘The French Stabilisation Law’, Economic Journal, vol. XXXVIII, no. 151 (September 1928).Google Scholar
Keynes, J. M.A Treatise on Money. 2 vols. London, 1930.Google Scholar
Kindleberger, Charles P.The Terms of Trade: A European Case Study. New York, 1956.Google Scholar
Kindleberger, Charles P.Economic Growth in France and Britain, 1851–1950. Cambridge, Mass., 1964.CrossRefGoogle Scholar
Kindleberger, Charles P.The World in Depression 1929–1939. London, 1973.Google Scholar
Kindleberger, Charles P.Manias, Panics, and Crashes: A History of Financial Crises. New York, 1978.CrossRefGoogle Scholar
Landes, David M.The Unbound Prometheus: Technological Change and Industrial Development in Western Europe from 1750 to the Present. Cambridge, 1969.Google Scholar
Lary, H. B. and associates. The United States in the World Economy: The International Transactions of the United States during the Interwar Period. Washington, DC, 1943.Google Scholar
Laursen, K. and Pedersen, J.The German Inflation, 1918–1923. Amsterdam, 1964.Google Scholar
,League of Nations, Gold Delegation of the Financial Committee. First Interim Report. Geneva, 1930.
,League of Nations, Gold Delegation of the Financial Committee. Second Interim Report. Geneva, 1931.
,League of Nations, Gold Delegation of the Financial Committee. Select Documents on the Distribution of Gold. Geneva, 1931.
,League of Nations, Gold Delegation of the Financial Committee. Final Report. Geneva, 1932.
,League of Nations, Gold Delegation of the Financial Committee. The Course and Phases of the World Economic Depression. Geneva, 1931.
,League of Nations, Gold Delegation of the Financial Committee. International Currency Experience: Lessons of the Inter-war Period. Princeton, 1944.
,League of Nations, Gold Delegation of the Financial Committee. The Course and Control of Inflation: A Review of Monetary Experience in Europe after World War I. New York, 1946.
Lester, Richard A.Monetary Experiments: Early American and Recent Scandinavian. Princeton, 1939.Google Scholar
Lewis, W. Arthur. Economic Survey 1919–1939. London, 1949.Google Scholar
Linden, Peter H. ‘Key Currencies and Gold 1900–1913’, Princeton Studies in International Finance, no. 24 (August 1969).Google Scholar
Lindert, P. H. ‘Key Currencies and Gold 1900–13’. Princeton Studies in International Finance, no. 24 (August 1969).Google Scholar
Lindert, Peter H. ‘Key Currencies and Gold 1900–1913’, Princeton Studies in International Finance, no. 24 (August 1969).Google Scholar
Maddison, Angus. ‘Growth and Fluctuations in the World Economy, 1870–1960’, Banco Nazionale del Lavoro Quarterly Review, no. 61 (June 1962).Google Scholar
Maier, Charles S.Recasting Bourgeois Europe: Stabilisation in France, Germany and Italy in the Decade after World War I. Princeton, 1975.Google Scholar
Malach, Vernon W.International Cycles and Canada's Balance of Payments 1921–33. Toronto, 1954.Google Scholar
Marcus, Edward. Canada and the International Business Cycle 10,27–1939. New York, 1954.Google Scholar
März, E.Austrian Banking and Financial Policy: Creditanstalt at a Turning Point 1913–1923. London, 1984.Google Scholar
Matthews, R. C. O., Feinstein, C. H. and Odling-Smee, J. C.British Economic Growth 1856–1973. Stanford, 1982.CrossRefGoogle Scholar
McCloskey, Donald N. and Zecher, Richard J. ‘How the Gold Standard Worked, 1880–1913’, in Jacob, A. Frenkel and Harry, G. Johnson (eds.), The Monetary Approach to the Balance of Payments. Toronto, 1976.Google Scholar
Meyer, Richard H.Bankers' Diplomacy: Monetary Stabilisation in the Twenties. New York, 1970.Google Scholar
Meyers, Margaret C.Paris as a Financial Center. New York, 1936.Google Scholar
Michaely, Michael. Balance-of-Payments Adjustment Policies. National Bureau of Economic Research Occasional Paper. New York, 1968.Google Scholar
Mitchell, B. R.European Historical Statistics, 1750–1970. London and Basingstoke, 1975.CrossRefGoogle Scholar
Moggridge, D. E.The Return to Gold, 1925: The Formulation of Economic Policy and its Critics. University of Cambridge, Department of Applied Economics, Occasional Paper 19. Cambridge, 1969.Google Scholar
Moggridge, D. E. ‘The 1931 Financial Crisis: A New View’, The Banker, vol. CXX, no. 534 (August 1970).Google Scholar
Moggridge, D. E.British Monetary Policy 1924–1931: The Norman Conquest of $4.86. University of Cambridge, Department of Applied Economics Monograph 21. Cambridge, 1972.Google Scholar
Moggridge, D. E. (ed.) The Collected Writings of John Maynard Keynes, vol. XX: Activities 1929–1931: Rethinking Employment and Unemployment Policies. London and New York, 1981.CrossRefGoogle Scholar
Moreau, Emile. Souvenirs d'un Gouverneur de la Banaue de France: Histoire de la Stabilisation du Franc (1926–1928). Paris, 1954.Google Scholar
Morgan, E. Victor. Studies in British Financial Policy 1914–1925. London, 1952.Google Scholar
Morgenstern, Oscar. International Financial Transactions and Business Cycles. Princeton, 1959.Google Scholar
Nevin, Edward T.The Mechanism of Cheap Money: A Study of British Monetary Policy 1931–1939. Cardiff, 1955.Google Scholar
Niehans, Jürg. ‘The Need for Reserves of a Single Country’, in International Monetary Fund, International Reserves: Needs and Availability. Washington, DC, 1970.Google Scholar
Northrop, M. B.The Control Policies of the Reichsbank, 1924–1933. New York, 1938.Google Scholar
Officer, Lawrence E. ‘The Purchasing-Power-Parity Theory of Exchange Rates: A Review Article’, International Monetary Fund Staff Papers, vol. XXIII, no. 1 (March 1976).Google Scholar
Paish, F. W.The Post-War Financial Problem. London, 1950.Google Scholar
Palyi, Melchior. The Twilight of Gold 1914–1936: Myths and Realities. Chicago, 1972.Google Scholar
Perrot, M.La Monnaie et l'Opinion Publique en France et en Angleterre (de 1924 a 1936). Paris, 1955.Google Scholar
Phelps Brown, E. H. and Browne, M. H.A Century of Pay: The Course of Pay and Production in France, Germany, Sweden, the United Kingdom and the United States of America 1860–1960. London, 1968.Google Scholar
Pigou, A. C.Aspects of British Economic History 1918–1925. London, 1947.Google Scholar
Pollard, S. (ed.). The Gold Standard and Employment Policies between the Wars. London, 1970.Google Scholar
Poole, K. E.German Financial Policies 1932–39. Cambridge, Mass., 1939.Google Scholar
Pressnell, L.S. ‘1925: The Burden of Sterling’, Economic History Review, 2nd series, vol. XXXI, part I (February 1978).Google Scholar
Redmond, J. ‘An Indicator of the Effective Exchange Rate of the Pound in the Nineteen-Thirties’, Economic History Review, 2nd series, vol. XXXIII, part I (February 1980).Google Scholar
Redmond, J. ‘The Sterling Overvaluation in 1925: a Multilateral Approach’, Economic History Review, 2nd series, vol. XXXVII, part 4 (November 1984).Google Scholar
Richardson, H. W.Economic Recovery in Britain 1932–39. London, 1967.Google Scholar
Robbins, Lionel. The Great Depression. London, 1934.Google Scholar
Rowland, Benjamin M. (ed.). Balance of Power or Hegemony: The Interwar Monetary System. New York, 1976.Google Scholar
,Royal Institute of International Affairs. The International Gold Problem. London, 1931.
,Royal Institute of International Affairs. The Problem of International Investment. London, 1937.
Safarian, A. E.The Canadian Economy in the Great Depression. Toronto, 1959.Google Scholar
Sarti, R. ‘Mussolini and the Italian Industrial Leadership in the Battle of the Lira, 1925–1927’, Past and Present, no. 47 (May 1970).CrossRefGoogle Scholar
Sauvy, A.Histoire économique de la France entre les deux guerres, 4 vols. Paris, 1965–75.Google Scholar
Sayers, R. S.Modern Banking. 2nd edn. Oxford, 1947.Google Scholar
Sayers, R. S.Financial Policy 1939–1945. London, 1956.Google Scholar
Sayers, R. S. ‘The Return to Gold, 1925’, in Pollard, S. (ed.), The Gold Standard and Employment Policies between the Wars. London, 1970.Google Scholar
Sayers, R. S.The Bank of England 1891–1944. 3 vols. Cambridge, 1976.Google Scholar
Schedvin, C. B.Australia and the Great Depression: A Study of Economic Development and Policy in the 1920s and 1930s. Sydney, 1970.Google Scholar
Schuker, Stephen A.The End of French Predominance in Europe: The Financial Crisis of 1924 and the Adoption of the Dawes Plan. Chapel Hill, NC, 1976.Google Scholar
Schwartz, Anna Jacobson. ‘Review of C. P. Kindleberger, The World in Depression’, Journal of Political Economy, vol. LXXXVIII, part 2 (April 1975).Google Scholar
Shearer, R. A. and Clark, C. ‘Canada and the Interwar Gold Standard, 1920–1935: Monetary Policy without a Central Bank’, in Bordo, M. and Schwartz, A. J. (eds.), A Retrospective on the Classical Gold Standard 1821–1931. Chicago, 1984.Google Scholar
Shepherd, Harvey L.The Monetary Experience of Belgium, 1914–1936. Princeton, 1936.Google Scholar
Stewart, R. B. ‘Great Britain's Foreign Loan Policy’, Economica, NS, vol. V, no. 17 (February 1938).Google Scholar
Stolper, W. S. ‘Purchasing Power Parity and the Pound Sterling from 1919–1925’, Kyklos, vol. II, part 3 (1948).Google Scholar
Strange, Susan. Sterling and British Policy: A Political Study of an International Currency in Decline. London, 1971.Google Scholar
Svennilson, I.Growth and Stagnation in the European Economy. Geneva, 1954.Google Scholar
Temin, Peter. ‘The Beginning of the Depression in Germany’, Economic History Review, 2nd series, vol. XXIV, part 2 (May 1971).Google Scholar
Temin, Peter. ‘The German Business Cycle in the 1920's: T. Balderston, A Comment; A Comment and Reply; M. E. Falkus, A Reply’, Economic History Review, 2nd series, vol. XXX, part 1 (February 1977).Google Scholar
Tomlinson, B. R.The Political Economy of the Raj, 1914–1947: The Economics of Decolonization in India. London, 1979.CrossRefGoogle Scholar
Triffin, Robert. ‘The Evolution of the International Monetary System: Historical Reappraisal and Future Perspectives’, Princeton Studies in International Finance, no. 12 (June 1964).Google Scholar
Tsiang, S. C. ‘Fluctuating Exchange Rates in Countries with Relatively Stable Economies: Some European Experiences After World War I’, International Monetary Fund Staff Papers, vol. VII, no. 3 (October 1959).Google Scholar
,United Kingdom, Committee on Currency and Foreign Exchanges after the War. First Interim Report. Cd 9182. London, 1918.
,United Kingdom, Committee on Currency and Foreign Exchanges after the War. Court of Inquiry Concerning the Coal Mining Dispute. Report. Cmd 2478. London, 1925.
,United Kingdom, Committee on Currency and Foreign Exchanges after the War. Committee on Finance and Industry. Minutes of Evidence. q.1595. London, 1931.
,United Kingdom, Committee on Currency and Foreign Exchanges after the War. HM Treasury. Reserves and Liabilities 1931 to 1945. Cmd 8354. London, 1951.
,United States, Board of Governors of the Federal Reserve System. Banking and Monetary Statistics. Washington, DC, 1943.
van der Wee, Herman (ed.). The Great Depression Revisited: Essays on the Economics of the Thirties. The Hague, 1972.CrossRefGoogle Scholar
van der Wee, Herman and Tavernier, K.La Banque Nationale de Belgique et l'Histoire Monetaire entre les Deux Guerres Mondiales. Brussels, 1975.Google Scholar
Wicker, Elmus R.Federal Reserve Monetary Policy, 1917–1933. New York, 1966.Google Scholar
Williams, David. ‘Montagu Norman and Banking Policy in the 1920s’, Yorkshire Bulletin of Economic and Social Research, vol. XI, no. 1 (July 1959).Google Scholar
Williams, David. ‘London and the 1931 Financial Crisis’, Economic History Review, 2nd series, vol. XV, part 3 (April 1963).Google Scholar
Williams, David. ‘The 1931 Financial Crisis’, Yorkshire Bulletin of Economic and Social Research, vol. XV, no. 2 (November 1963).Google Scholar
Williams, David. ‘The Evolution of the Sterling System’, in Whittlesey, C. R. and Wilson, J. S. G. (eds.), Essays in Money and Banking in Honour of R. S. Sayers. Oxford, 1968.Google Scholar
Williamson, John. ‘International Liquidity: A Survey’, Economic Journal, vol. LXXXIII, no. 331 (September 1973).Google Scholar
Williamson, Philip. ‘Financiers, the Gold Standard and British Politics 1925–1931’, in Turner, J. (ed.), Businessmen and Politics 1900–1943. London, 1984.Google Scholar
Williamson, Philip. ‘A “Bankers' Ramp”? Financiers and the British Political Crisis of August 1931’, English Historical Review, vol. XCIX (October 1984).CrossRefGoogle Scholar
Winch, Donald. Economics and Policy: A Historical Study. London, 1972.Google Scholar
Wolfe, Martin. The French Franc between the Wars, 1919–1939. New York, 1951.Google Scholar
Wonnacott, P.The Canadian Dollar, 1948–1962. Toronto, 1965.Google Scholar
Woytinsky, W. S. and Woytinsky, E. S.World Commerce and Governments: Trends and Outlook. New York, 1955.Google Scholar
Wright, J. F. ‘Britain's Inter-War Experience’, in Eltis, W. A. and Sinclair, P. J. N. (eds.), The Money Supply and the Exchange Rate. Oxford, 1981.Google Scholar
Wynne, William H. ‘The French Franc, June 1928-February 1937’, Journal of Political Economy, vol. XLV, part 3 (August 1937).Google Scholar
Yeager, Leyland B.International Monetary Relations: Theory, History and Policy. 2nd edn. New York, 1976.Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×