1878年から1913年の時期におけるフランス銀行の公定歩合政策

概要

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This study on the monetary policy of the Bank of France during the period 1878-1913, examines the background and analyses its bank rate policy, using in particular the Bank's own archives and on the daily and periodical press of the period. The bank rate policy went further than simply defending the Bank's gold reserves and played a relatively active role in the national economy and in public finance. Generally speaking, the Bank adopted a policy of a fixed and moderate bank rate in order to ensure security and stability for the country's economy, although it was sometimes obliged to change the rate in the light of prevailing conditions. Thus the Bank raised the rate mainly to defend its gold reserves (a move which usually produced the desired effect) or lowered it with a view to improving its profits and keeping in close touch with the monetary markets (although this downward movement did not always achieve the same success as the upward changes). As a secondary motive, the Bank manipulated the bank rate to control the monetary and financial markets, to control national economic fluctuations, and to support the government's financial policy (sometimes this manipulation was not efficacious, because the Bank could act only within the framework of the gold standard).
政治経済学・経済史学会の論文
1992-07-20