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New post by Raphaël Chiappini, Dominique Torre and Elise Tosi

08 July 2024 Blog
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The failure of the Banque de France's mission to the National Bank of Romania and the Romanian government between 1929 and 1933.

By Raphaël Chiappini, Associate Professor, Bordeaux School of Economics; Dominique Torre, Professor Emeritus, Université de Nice, GREDEG and Elise Tosi, Associate Professor, SKEMA Business School

Much has been written about the role of international experts in disseminating the principles of monetary policy during the classical period of the gold standard and the interwar period. The literature is more discreet on their poor choices and failures, which were nonetheless numerous as soon as the disciplinary effects of the external convertibility regime were no longer able to regulate recessionary economies from 1929 onwards. The Banque de France's mission to Romania between 1929 and 1931 illustrates the limits of their effectiveness and questions the validity of their methods. This post reproduces the analyses in the article "The Little Paris and the New Berlin: The French Money Doctors' Unsuccessful Mission in Romania, 1929-1933", recently published in the Revue d'économie politique.

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