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Inflation in France...

Автор: olegj от 5-06-2013, 10:38

Inflation in France...

Inflation in France in the post-war period Feature of military inflation in France, compared with the U. S. and Britain, was the fact that she was aggravated robbery French Nazi Germany. Last charged with the French occupation enormous tribute, which was the main reason for the huge budget deficits, inflation becomes covered by the issue of paper money. Almost all of the banknote issue in France during the years of German occupation was intended to provide emergency loans to the government, which have been used in order to pay tribute to the occupation.

Since the end of 1939 to September 1944 circulation of bank notes of the Bank of France has increased from 151 to 642 billion francs., Ie by 491 billion francs.

, and emergency loans the bank made to the Government at the end of 1944 426 million francs. Inflation in France during the Second World War was exacerbated by a sharp decline of production and trade as a result of the economic devastation caused by the Nazi occupation. The index of industrial production in 1945 decreased compared to 1939 by 2.7 times. The post-war inflation in France is closely linked to chronic budget deficit, which is due to the large military expenditures, as well as costs associated with government regulation of the economy and the implementation of the "politics of growth.

" After the Second World War repeatedly carried devaluation of the franc, the two final devaluation were held in December 1958 and August 1969. The devaluation of 1958 was the seventh in the postwar period: the gold content of the franc was reduced by 17.5% and reduced to 0.0018 g, ie 161 times decreased as compared with its gold content in 1914.

The purchasing power of the franc, as measured by the retail price index at the end of 1958 was 180 times less than in 1928. Franc against the dollar has fallen sharply: before the Second World War (in 1938), $ 1 was equal to 37.5 francs., And at the end of 1958 - 493.7 francs. Frank became so "weightless", which the government found it necessary to "heavier" it with the denomination.

Inflation in France...

Denomination was held in early 1960 and has resulted in consolidation of 100 francs. New Franc (which became known as the "heavy") was 100 old, he received a gold content of 0.18 grams of pure gold and the dollar in the new franc was set at 4,937 francs.

The devaluation of 1958 played a role in enhancing the export of French goods on the world market. Over the next decade, trade and payments balances of France, as a rule, came down with a surplus, and its foreign exchange reserves have increased considerably: from 1,050 million at the end of 1958 to 6994 million at the end of 1967.

(Including the share of gold accounted for 750 million and 5234 million). However, the internal process of inflation going on, which is reflected in a systematic increase in commodity prices. For example, from 1962 to August 1971 the retail price index rose by 55%. In connection with the increase in inflation, the government of France in September 1963 announced a "stabilization plan" which included blocking retail prices and wages, a number of credit restriction measures (restriction of bank credit dits companies and consumer credit, increasing the discount rate of the Bank of France in November 1963 year from 3.5 to 4%), as well as measures to reduce the budget deficit by a significant increase in taxes. The essence of "stabilization plan" was to attack on the standard of living of the working masses by "freezing" of wages and increasing the tax burden.

Inflation in France...

But the real stabilization of the franc did not happen: military spending and the money supply continued to increase and the purchasing power of the franc to fall. Inflationary growth in France and the devaluation of the pound sterling in 1967 worsened the competitiveness of French products in the global market, which has a negative impact on trade and balance of payments. Mass national strike of workers in May - June 1968 caused a stampede of capital from France, which leaked from May to September 1968 amounted to 12.5 billion francs.

France's foreign exchange reserves were sharply reduced: for 1.2 years (since the end of 1967 to July 1969), they decreased by almost half, from 7 to 3.6 billion

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