Remilitarization and the end of the gold bloc in 1936

Hallwood, P., MacDonald, R. and Marsh, I. (2011) Remilitarization and the end of the gold bloc in 1936. De Economist, 159(3), pp. 305-321. (doi:10.1007/s10645-011-9160-y)

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Publisher's URL: http://dx.doi.org/10.1007/s10645-011-9160-y

Abstract

We juxtapose two hypotheses as to what destroyed the gold bloc in September 1936: the external inconsistency hypothesis—internationally uncompetitive gold bloc price-levels; versusincreasing concerns for France’s national security caused by a remilitarizing Germany—the internal (to-the-gold-bloc) inconsistency hypothesis based on a greater military threat against France than neutral Switzerland and Netherlands. The hypotheses are not mutually exclusive, but support is found for the internal inconsistency hypothesis as the trigger for the French devaluation.

Item Type:Articles
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:MacDonald, Professor Ronald
Authors: Hallwood, P., MacDonald, R., and Marsh, I.
College/School:College of Social Sciences > Adam Smith Business School > Economics
Journal Name:De Economist
ISSN:0013-063X
ISSN (Online):1572-9982

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