Jump to ContentJump to Main Navigation
Banking, Currency, and Finance in Europe Between the Wars$
Users without a subscription are not able to see the full content.

Charles H. Feinstein

Print publication date: 1995

Print ISBN-13: 9780198288039

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198288034.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 13 April 2021

German and British Monetary Policy, 1919–1932

German and British Monetary Policy, 1919–1932

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

Theo Balderston

Oxford University Press

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

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .