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Books > History > History of specific subjects > Economic history
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Controlling Credit - Central Banking and the Planned Economy in Postwar France, 1948-1973 (Paperback)
Loot Price: R1,144
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Controlling Credit - Central Banking and the Planned Economy in Postwar France, 1948-1973 (Paperback)
Series: Studies in Macroeconomic History
Expected to ship within 10 - 15 working days
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It is common wisdom that central banks in the postwar (1945-1970s)
period were passive bureaucracies constrained by fixed-exchange
rates and inflationist fiscal policies. This view is mostly
retrospective and informed by US and UK experiences. This book
tells a different story. Eric Monnet shows that the Banque de
France was at the heart of the postwar financial system and
economic planning, and that it contributed to economic growth by
both stabilizing inflation and fostering direct lending to priority
economic activities. Credit was institutionalized as a social and
economic objective. Monetary policy and credit controls were
conflated. He then broadens his analysis to other European
countries and sheds light on the evolution of central banks and
credit policy before the Monetary Union. This new understanding has
important ramifications for today, since many emerging markets have
central bank policies that are similar to Western Europe's in the
decades of high growth.
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