Eric Monnet

Controlling Credit (eBook, PDF)

Central Banking and the Planned Economy in Postwar France, 1948-1973

• Format: PDF

Produktbeschreibung

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 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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Produktdetails

• Verlag: Cambridge University Press
• Erscheinungstermin: 15. November 2018
• Englisch
• ISBN-13: 9781108246149
• Artikelnr.: 56527584

Autorenporträt

Eric Monnet is a senior economist at the Bank of France, a Professor in Economic History at the Paris School of Economics, and a research affiliate at the Centre for Economic Policy Research (CEPR).

Inhaltsangabe

Introduction; Part I. Institutionalizing Credit: Introduction to Part I:
chronology and methodology; 1. French credit policies before 1945; 2. The
nationalization of credit from 1945 to the late 1950s; 3. Development then
gradual de-institutionalization: the 1960s and 1970s; Part II. Managing
Credit: 4. Monetary policy without interest rates. Domestic macroeconomic
effects and international issues of credit controls; 5. Blurred lines. The
two faces of Banque de France loans to the Treasury (1948-73); 6. Financing
the postwar Golden Age. The Banque de France, 'investment credit' and
capital allocation; 7. The rise and fall of national credit policies.
Implications for the history of European varieties of capitalism and
monetary integration; Conclusion.