John Maynard Keynes, Man or Myth? The Incident of the Spanish Pesetas

Zagorsky, Jay L.

doi:10.2139/ssrn.3363332

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The 1918 Episode and Some Quantitative Conjectures1

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2020

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“…It became feasible only after the first instalment of the loan signed on 8 August 1918 with the Bank of Barcelona and Urquijo & Co. By November 1918, the Allied currencies had regained their 1915 levels: 92.4 pesetas per franc; 23.9 pesetas per pound; 5.03 pesetas per dollar. This episode could be related to the speculative operation attributed to Keynes (see Zagorsky 2019). In fact, a market break was not required to obtain healthy benefits.…”

Section: The 1918 Episode and Some Quantitative Conjecturesmentioning

confidence: 99%

A hidden fight behind neutrality. Spain’s struggle on exchange rates and gold during the Great War

Sudriá

2020

European Review of Economic History

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The aim of this article is to analyse the effects on Spain as a neutral country of the monetary measures adopted by the largest allied nations during the First World War. We will focus on the intervention of exchange rates and on the measures aimed at limiting gold outflows from belligerent countries. The distortions derived from these policies gave rise, in some cases, to additional profits for Spanish exporters and intermediaries, while in others prevented the effective transformation of some benefits from war into valuable assets and pushed them to be dragged down by the economic disturbances of the post-war period.

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Section: The 1918 Episode and Some Quantitative Conjecturesmentioning

confidence: 99%

A hidden fight behind neutrality. Spain’s struggle on exchange rates and gold during the Great War

Sudriá

2020

European Review of Economic History

View full text Add to dashboard Cite

show abstract

John Maynard Keynes, Man or Myth? The Incident of the Spanish Pesetas

Cited by 1 publication

References 16 publications

A hidden fight behind neutrality. Spain’s struggle on exchange rates and gold during the Great War

A hidden fight behind neutrality. Spain’s struggle on exchange rates and gold during the Great War

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