French exchange rate management in the 1920s

摘要

This article challenges the conventional view of the existence of a pure floating regime in France during the mid 1920s. Our study, based on the archives of the Bank of France and the French Ministry ot Finance, as well as a thorough examination of the exchange rates (FRF/USD) and (FRF/GBP) during the 1920s, reveals that the French authorities did intervene on several occasions. From these first direct actions, as well as some other abortive attempts, several lessons can be drawn about the effectiveness of interventions on a 'modern' exchange rate market.