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By Jean-Pierre Patat

This financial historical past of recent France among 1897-1984 comprises chapters protecting particular sub-periods, from the most advantageous interval of 1897-1914 via to the growth with inflation part of 1968-73. each one bankruptcy provides an account of the commercial state of affairs and coverage judgements as a historical past to a extra specific research of financial 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 activities within the opposite numbers of the money inventory, to the determinants of financial institution reserves and to non-public region portfolio judgements. The publication concludes with a long statistical appendix, which units out vital new quarterly and per month statistical sequence for the cash inventory and its opposite numbers.

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In 1925 the money stock resumed a particularly rapid growth rate. 2). These two movements, monetary expansion and depreciation of the exchange rate, continued until July 1926; by that date the money stock had risen by 47 per cent in 20 months and the value of the dollar in francs had gone up by 150 per cent. The creation of money benefited the banks only partially. During the war 1 the place of precious metals had been taken by Banque de France banknotes and not by bank deposits, the share of which in overall monetary assets had gone from more than 60 per cent in 1913 to 30 per cent in 1918.

Political instability returned, reaching a peak in 1925, hardly a year after the 'success' of the Cartel; thus France had seven different Ministers of Finance during these years. It is striking that the only periods when the franc was stable were those of the parliamentary recesses! With the precious metals now definitely removed from circulation, the creation of money had two origins: • the budget deficit: the financial circuit which had been brought into being during the First World War was no longer a closed one.

This relates to the saver in average or easy circumstances, whose death gave rise to probate declaration. 17. 9 billion for industrial and commercial companies. 5% stock to 3% perpetual, there was no financial operation on behalf of the State' (Credit Lyonnais, 1963, p. 90). 5 per cent redeemable loan of FFr805 million. The major credit institutions took up most of it initially, but it had not yet been registered as owned by the public when the conflict broke out (Thery, 1921, pp. 133-4). 18. Lescure (1932).

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