Central Bank Cooperation 1924-31 | Stephen Clarke | Part 2

This we discuss the remaining chapters of Stephen Clarke's monograph.

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

6. The Defense of a Key Currency:
1926-28 108
Introduction 108
Payments Surpluses Complicate
Monetary Policy 109
Germany 109
France 110
The Shift toward Gold 112
Germany 112
France 115
British-French Accommodation 119
The Central Bankers' Meeting of
July 1927 123
The Easing of Federal Reserve
Policy 124
The Payments Balance Shifts in
Favor of Europe 127
The Liquidation of the Federal Reserve's Sterling Balance and the Shifting of the Demand for Gold to New
York 130
The International Financial System
Becomes More Rigid 134
Inadequate Efforts to Buttress
Sterling 139
Conclusion 141

7. Mounting Strains
Declining Cooperation 144
The Reparation Settlement 145
Strains During the Boom:
July 1928-October 1929 147
International imbalance 147
Difficulties of cooperation 150
The role of the Bank of France … 164
False Hopes: November 1929-
June 1930 168
Strains During the Depression:
July 1930-May 1931 , 171
Deterioration 171
Central bank cooperation: much
activity; little accomplished 173

8. The 1931 Crisis 182
Introduction 182
Germany at Loggerheads with
France 183
Central Bank Cooperation: Half
Measures to Support Austria and
Germany 185
Supporting the Austrian schilling.. 186
The failure of efforts to support
the reichsmark 189
The Attack on Sterling 201
The first attack 202
Britain's response 203
Central bank credits to the
Bank of England 204
The bankers' loan to the
British government 209
The final onslaught 213
Epilogue 218

9. Conclusion 220