Central Bank Cooperation 1924-31 | Stephen Clarke | Part 1

This week, we will discuss the first 5 chapters of the 1967 monograph by Stephen Clarke.

Access it here:
https://fraser.stlouisfed.org/files/docs/meltzer/clacen67.pdf?utm_source=direct_download

Dramatis Personae 10

1- Introduction 15

2. The Problems of 1924-31 18
Economic Difficulties 18
Political Tensions 21
Temporary Solutions 22
Trouble Spots 23
The Economic Breakdown 24

3. The Role of Central Bank
Cooperation 27
Introduction 27
The Gold Standard Conception of
Central Bank Cooperation 27
Central Banks as Instruments of
National Policy 29
The Debate on Central Bank
Cooperation 33
The Genoa proposals 34
Strong's critique of the
Genoa proposals 36
A Pragmatic Approach to Central
Bank Cooperation 40

4. The Bankers' Role in the Stabilization of the German Mark: 1924 45
Introduction 45
Cooperative Aspects 48
Political and economic conditions
for the Dawes Loan 50
The transfer committee and
the agent general 56
Competitive Aspects:
Dollars or Sterling? 58
The Gold Discount Bank 58
The Reichsbank's international
reserves 60
Final Negotiations for the
Dawes Loan 67

5. Britain's Return to Gold 71
Introduction 71
The Objectives of Anglo-American
Cooperation 72
The Strategy of Cooperation 75
Timing 78
Implementing the Strategy 81
The Federal Reserve and
Morgan credits 81
Coordination of monetary policy .. 85
Consolidating Sterling's Position 96
The Unfinished Task of International Economic Cooperation 105