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Gold rush: the political economy of the Yugoslavian gold exchange standard

Gold rush: the political economy of the Yugoslavian gold exchange standard This article analyses the economic, political and cultural factors that influenced the decision of policy-makers in Yugoslavia to join the gold exchange standard in the midst of the Great Depression in June 1931. The analysis proceeds in three stages. First, the economic reasons why policy elites and interest groups endeavoured to adopt the gold exchange standard are examined by looking at debates in Yugoslavia's central bank, correspondence between governmental institutions and the views of policy elites as depicted in various economic newspapers. Subsequently, the article analyses how the beliefs in economic benefits analysed in the previous part were formed, considering the state of economic knowledge in the country, as well as pressures exerted by foreign lenders such as the Bank of England, the Banque de France and the Bank for International Settlements. The third part analyses reasons for legal stabilisation that go beyond economic rationales, considering how the government employed the prestige involved in legal stabilisation for its political agenda, and how cultural attachments to ‘gold core countries’ made sharing their monetary system a matter of cultural integration. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Financial History Review Cambridge University Press

Gold rush: the political economy of the Yugoslavian gold exchange standard

Financial History Review , Volume 29 (1): 20 – Apr 1, 2022

Gold rush: the political economy of the Yugoslavian gold exchange standard

Financial History Review , Volume 29 (1): 20 – Apr 1, 2022

Abstract

This article analyses the economic, political and cultural factors that influenced the decision of policy-makers in Yugoslavia to join the gold exchange standard in the midst of the Great Depression in June 1931. The analysis proceeds in three stages. First, the economic reasons why policy elites and interest groups endeavoured to adopt the gold exchange standard are examined by looking at debates in Yugoslavia's central bank, correspondence between governmental institutions and the views of policy elites as depicted in various economic newspapers. Subsequently, the article analyses how the beliefs in economic benefits analysed in the previous part were formed, considering the state of economic knowledge in the country, as well as pressures exerted by foreign lenders such as the Bank of England, the Banque de France and the Bank for International Settlements. The third part analyses reasons for legal stabilisation that go beyond economic rationales, considering how the government employed the prestige involved in legal stabilisation for its political agenda, and how cultural attachments to ‘gold core countries’ made sharing their monetary system a matter of cultural integration.

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Publisher
Cambridge University Press
Copyright
Copyright © The Author(s), 2021. Published by Cambridge University Press on behalf of the European Association for Banking and Financial History
ISSN
1474-0052
eISSN
0968-5650
DOI
10.1017/S0968565021000172
Publisher site
See Article on Publisher Site

Abstract

This article analyses the economic, political and cultural factors that influenced the decision of policy-makers in Yugoslavia to join the gold exchange standard in the midst of the Great Depression in June 1931. The analysis proceeds in three stages. First, the economic reasons why policy elites and interest groups endeavoured to adopt the gold exchange standard are examined by looking at debates in Yugoslavia's central bank, correspondence between governmental institutions and the views of policy elites as depicted in various economic newspapers. Subsequently, the article analyses how the beliefs in economic benefits analysed in the previous part were formed, considering the state of economic knowledge in the country, as well as pressures exerted by foreign lenders such as the Bank of England, the Banque de France and the Bank for International Settlements. The third part analyses reasons for legal stabilisation that go beyond economic rationales, considering how the government employed the prestige involved in legal stabilisation for its political agenda, and how cultural attachments to ‘gold core countries’ made sharing their monetary system a matter of cultural integration.

Journal

Financial History ReviewCambridge University Press

Published: Apr 1, 2022

Keywords: gold standard; gold exchange standard; exchange rate history; Balkan economic history; Great Depression; N14; N20; N24; F55

References