By Jean-Pierre Patat

This financial background of contemporary France among 1897-1984 contains chapters overlaying particular sub-periods, from the top of the line interval of 1897-1914 via to the growth with inflation part of 1968-73. each one bankruptcy offers an account of the commercial scenario and coverage judgements as a heritage to a extra distinct research of economic and fiscal advancements. The paintings specializes in the diversity of things affecting coverage, financial and financial advancements in every one sub-period, taking note of events within the opposite numbers of the money inventory, to the determinants of financial institution reserves and to personal zone portfolio judgements. The publication concludes with a long statistical appendix, which units out very important new quarterly and per thirty days statistical sequence for the money inventory and its opposite numbers.

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2 Notes and bank deposits 1910-18 1918 The First World War 29 NOTES TO CHAPTER 2 1. The title of the book by P. Bernard (1975) 2. J. Bouvier in Braude! and Labrousse (1970--82, vol. 4/1, p. 636). 3. The 'banques populaires' were organised in 1917 (the law of 13 March) to make it easier for small tradesmen and small businessmen to obtain discount credits. Mutual guarantee societies and banques populaires were envisaged at that time. The decrees for implementation were issued in 1918 (A. Thery, 1921, pp.

18 Prices rose. Interest rates rose, until they went above what was later to be called the marginal efficiency of capital. The crisis broke in 1907. Bank credits and the money stock fell. Industrial production diminished. (c) The outlines of the recovery were discernible in the monetary domain in 1910. However, activity regained its momentum only in 1911-12, a time when interest rates rose once more until they resulted, for both activity and the cost of credit, in a reversal- though a relatively slow one - in 1913.

On average she exported between a third and a half of her savings. 7 The revenues from these savings invested abroad made possible both a trade deficit and the export of capital. France was essentially an open economy: these exports compensated for the relatively slow growth of internal demand. As with any period of a long rise in prices and of more intense activity, the Belle Epoque was a phase of increasing nominal interest rates. However, the Belle Epoque was not without difficult episodes: • political and social problems were numerous and often serious, with the Dreyfus Affair, religious disputes, and the multiplication of social conflicts, notably in 1907-08.

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