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August 5, 1914 a law was passed...

Автор: olegj от 3-06-2013, 07:46

August 5, 1914 a law was passed...

August 5, 1914 a law was passed abolishing the exchange of notes of the Bank of France for gold and granted it the right to issue notes with a positive course. During the war, gold coins went out of circulation, and the latter was filled with irredeemable notes, reborn in paper money. The issue of these notes was used to finance military expenditures.

The extent of inflation in France during the First World War the following data: in 1913 - 1918 years. number of banknotes in circulation has risen from 5.7 to 31.1 billion francs., the amount of deposits on current accounts in the major commercial banks - from 4.6 to 8.1 billion francs.

, and the wholesale price index rose by 3.4 times. Inflation, which began during the First World War in France lasted longer than in other capitalist countries, up to 1926. This is due to the fact that France is due to large expenditures to rebuild the destroyed during the war, the region was a large budget deficit, which is largely covered by inflationary issue of paper money.

August 5, 1914 a law was passed...

At the same time inflation is directly used to finance companies that received huge subsidies from the treasury under the guise of compensation for damage suffered by their companies during the war. The turn from inflation to stabilize the franc began only in 1926. The state budget was balanced with additional taxes.

As a result of the deflationary policy money supply in 1926-1927. decreased slightly, and in 1928 was a monetary reform. France did not restore the exchange of bank notes for gold at the pre-war gold parity, and held a hidden devaluation: although subject to the convertibility of banknotes for gold bullion at face value, the gold content of the franc has been reduced by almost 5 times - from 0.05895 to 0.290323 grams of fine gold g. The devaluation of the franc has legitimized the confiscation of four fifths of all the savings.

The outcome of the monetary reform in France in 1928 was the introduction of gold bullion standard, and the reversibility of banknotes into gold was trimmed: the convertibility of notes subject to the gold bullion only when presented them to an exchange of not less than 215 million francs., Which was equal to 12.5 kg of gold. Thus, for small holders banknotes were virtually irredeemable.

August 5, 1914 a law was passed...

In contrast to other Western countries, France during the crisis of 1929-1933. retained the gold bullion standard.

This was due to the fact that the crisis has affected her later than other countries. The gold reserve of the Bank of France from June 1928 to the end of 1932 increased from 29 to 83 billion francs.

(In new francs). The tide of gold to France after the return is the result of currency reform the French capital from abroad who had gone there in the years of inflation and significant flow of foreign money capital sought refuge in France impairment, they endured in their countries.

Based on its increased gold reserves, France led the so-called gold bloc, which included several Western European countries (Belgium, the Netherlands, Switzerland). The leading role of France in the gold bloc and its struggle for the preservation of the gold standard were due to the interest in the gold standard, the influential investor in the country.

In addition, the French government was afraid of the general discontent of the petty bourgeoisie in the event of cancellation of the gold standard and the new impairment franc. In the mid-1930s. economic and financial situation in France deteriorated. Its index of industrial production fell from 1933 to 1935 by 12%, the budget deficit increased from 4.6 billion francs.

in 1932 to 16.9 billion francs. in 1936, and the gold reserves of the Bank of France has decreased over the same period from 83 to 50 billion francs. Leakage of gold from France, especially since 1936, was the result not only of objective economic conditions, but also a deliberate policy of financial oli Garhi, who led the attack on the franc, seeking to overthrow the government of the People's Front.

August 5, 1914 a law was passed...

To this end, a mass scale she translated their capital abroad. In October 1936, the Government, headed by right-wing socialist Blum, despite the protests of the Communist Party, held a devaluation of the franc, reducing its gold content of more than 25%. In this exchange of notes for gold was terminated. In 1937 and 1938. held two more devaluation of the franc.

As a result, the three devaluations of 1936 - 1938 years. Franc has lost 58% of the gold content, which was established by the currency reform of 1928.

All of these were significantly different from the devaluation devaluation in 1928 because they were not accompanied by the restoration of the gold standard and the stabilization of the franc, but, rather, meant the collapse of the gold standard and progressive impairment of the franc. By the end of 1938 the franc fell more than 60% compared to its gold parity in 1929.


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