The Name of the
Rose:
Classifying 1930s Exchange-Rate Regimes
Scott Andrew
Urban
Abstract
There
is an implicit consensus that 1930s exchange-rate regimes can be characterised
as some variant of ‘floating’. This paper applies an adaptation of modern methodologies
of exchange-rate regime classification to a panel of 47 countries in weekly
observations between January 1919 and August 1939. On the basis of modern
benchmarks, the 1930s world monetary system would not be considered ‘floating’
or even ‘managed floating’. One implication is that today’s fiat-based,
managed-floating international financial architecture is unprecedented.
Keywords: Fixed Exchange Rate, International Reserves, Intervention
JEL classification: F31, F33, N10