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Elusive Stability

Elusive Stability
Essays in the History of International Finance, 1919–1939

£37.99

Part of Studies in Macroeconomic History

Mark W. Watson, Richard S. Grossman, Charles Wyplosz, Jeffrey Sachs
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  • Date Published: April 1993
  • availability: Available
  • format: Paperback
  • isbn: 9780521448475

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About the Authors
  • 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 the interwar experience from a long-term perspective.

    • This volume provides a new interpretation of the operation of the international monetary system during the interwar years and its contribution to the global economic breakdown of the 1930s
    • Successful hardback edition (1990), widely reviewed
    • Central argument differs from conventional interpretations in that it does not see the gold standard as a panacea for international monetary difficulties
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    Reviews & endorsements

    ' … new, impressive, and illuminating collection of essays from Professor Eichengreen … His method of argument is rigorous and detached; and the algebra is happily not allowed to overwhelm the sense.' Douglas Jay, Financial Times

    '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 modern work covers this subject. A student with some knowledge of international finance could follow the argument even without the mathematical and statistical background required to evaluate the models that summarize the basic argument of each chapter.' Choice

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    Product details

    • Date Published: April 1993
    • format: Paperback
    • isbn: 9780521448475
    • length: 348 pages
    • dimensions: 229 x 152 x 20 mm
    • weight: 0.51kg
    • contains: 31 b/w illus. 34 tables
    • availability: Available
  • Table of Contents

    List of tables
    List of figures
    List of charts
    Acknowledgements
    1. Introduction
    2. Real exchange rate behavior under alternative international monetary regimes
    3. Understanding 1921–27: 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, 1926–1932
    6. International policy coordination in historical perspective: a view from the interwar years
    7. The economic consequences of the Franc Poincaré with Charles Wyplosz
    8. Sterling and the tariff, 1929–32
    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.

  • Author

    Barry Eichengreen, University of California, Berkeley

    Contributors

    Mark W. Watson, Richard S. Grossman, Charles Wyplosz, Jeffrey Sachs

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