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    • Publisher:
      Cambridge University Press
      Publication date:
      06 July 2010
      14 June 2010
      ISBN:
      9780511750953
      9780521112710
      9781107616370
      Dimensions:
      (228 x 152 mm)
      Weight & Pages:
      0.78kg, 414 Pages
      Dimensions:
      (229 x 152 mm)
      Weight & Pages:
      0.634kg, 414 Pages
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    Book description

    Most European countries are rather small, yet we know little about their monetary history. This book analyses for the first time the experience of seven small states (Austria, Belgium, Denmark, The Netherlands, Norway, Sweden, and Switzerland) during the last hundred years, starting with the restoration of the gold standard after World War I and ending with Sweden's rejection of the Euro in 2003. The comparative analysis shows that for the most part of the twentieth century the options of policy makers were seriously constrained by a distinct fear of floating exchange rates. Only with the crisis of the European Monetary System (EMS) in 1992–3 did the idea that a flexible exchange rate regime was suited for a small open economy gain currency. The book also analyses the differences among small states and concludes that economic structures or foreign policy orientations were far more important for the timing of regime changes than domestic institutions and policies.

    Reviews

    ‘Tobias Straumann’s excellent book breaks new ground. Informed by abundant research in archives and by the most recent theories from political economy, it provides an elegant and unified picture of the reasons why small nations in Western Europe have fixed their exchange rates and will prefer floating exchange rates.’

    Marc Flandreau - Graduate Institute of International Studies, Geneva

    ‘Tobias Straumann has written an important and wide-ranging book that draws on history, economics, and political science to explain the central role that small states have played in shaping Europe’s exchange rate arrangements.’

    Harold James - Princeton University

    ‘A grand perspective on the small players of European monetary policy. This well-written, highly informative book will be a must-read for students of Europe’s monetary history since 1918.’

    Albrecht Ritschl - London School of Economics

    ‘After recent strains in the Eurozone, Straumann’s study of how exchange rate policy developed in Europe is particularly timely. His detailed study of the experience of small states before and after the Bretton Woods era of pegged exchange rates offers a refreshing perspective on a literature that has concentrated on the larger European economies. Of particular novelty is the analysis of Switzerland, Norway, and Sweden alongside Austria, Belgium, Denmark, and the Netherlands. Straumann draws on an impressive range of contemporary sources to reinterpret the choices made by policymakers using direct evidence rather than extrapolating motives from the quantitative data. This volume will particularly attract those interested in expanding their understanding of European monetary relations and the way that smaller states engage in the global system.’

    Catherine Schenk - University of Glasgow

    ‘A rich and thought-provoking study, which puts the monetary history of small European states into a new perspective. Straumann forcefully argues that size matters for monetary policy choices, for reasons far beyond the degree of economic integration.’

    Nikolaus Wolf - University of Warwick

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    Contents

    Bibliography
    Unpublished Sources
    Austria
    Oesterreichische Nationalbank (Vienna):
    Protokoll der Sitzungen des Generalrats der Oesterreichischen Nationalbank, 1969–1971
    Protokoll der ausserordentlichen Sitzungen des Generalrates der Oesterreichischen Nationalbank, 1969–1971
    Besprechung der Mitglieder des Unterausschusses für Währungspolitik mit dem Präsidium und den Mitgliedern des Direktoriums am 5. Mai 1971 (25 B/II/1971)
    Belgium
    Banque Nationale de Belgique (Brussels):
    Procès-verbal de l'assemblée générale des actionnaire du 25 février 1935 (A 006:3)
    Denmark
    Danmarks Nationalbank (Copenhagen):
    Direktionsprotokol, 1918–1931
    Netherlands
    De Nederlandsche Bank (Amsterdam):
    DNB Historisch Archief, DOOS 4, 1.832/208/1
    DNB Historisch Archief, HA 01234, 2.312.22/65/1–2.312.22/76/1
    DNB Historisch Archief, HA 01233, 2.312.22/147/1
    DNB Historisch Archief, HA 2.3/70, 2.312.22/15/1–2.312.22/22/1
    DNB Historisch Archief, HA 2.3/86, 2.312.22/44/1
    DNB Historisch Archief, Press Archive
    Algemeen Rijksarchief (Den Haag):
    Sociaal-Economische Raad (SER), 1950–1979
    Archief Ministerraad: Notulen van de Ministerraad, 1972
    Archief Ministerraad: Notulen Raad Economische Adviseur (REA), 1972
    Norway
    Riksarkivet (Oslo):
    Arkiv: Norges Bank, Direksjonsarkivet I, Arkivskaper: Serie A – Forhandlingsprotokoll for Direksjonen, 1918–1921 (A 0047)
    Sweden
    Sveriges Riksbank (Stockholm):
    Särskilt protokol
    Riksarkiv (Stockholm):
    1920 Års Finanssakkunnigas: Protokoll och Handlingar (YK-no. 95/1 volume)
    Switzerland
    Schweizerische Nationalbank (Zurich):
    Protokoll des Direktoriums
    Beilage zum Direktionsprotokoll
    Bankausschuss
    Bankrat
    Währungspolitik: Allgemeines, 1973–1979 (2.3/2260)
    Währungsschlange (3.3/3092–3094)
    Archiv für Zeitgeschichte (Zurich):
    Protokolle des Vororts
    Delegiertenversammlungen des Schweizerischen Handels- und Industrie-Vereins
    Newspapers and Weekly Magazines
    Aftenposten (Oslo)
    Dagens Nyheter (Stockholm)
    Der Spiegel (Hamburg)
    Die Zeit (Hamburg)
    Financial Times (London)
    Frankfurter Allgemeine Zeitung (Frankfurt)
    Handelsblad NRC (Amsterdam)
    International Herald Tribune (New York and Paris)
    Neue Zürcher Zeitung (Zurich)
    The Economist (London)
    Trouw (Amsterdam)
    Wirtschaftsdienst (Hamburg)
    Periodicals
    Bank for International Settlements, Annual Reports, Basle
    Banque Nationale de Belgique, Annual Report
    Danmarks Nationalbank, Annual Report
    De Nederlandsche Bank, Annual Report
    Deutsche Bundesbank, Monthly Report, Frankfurt
    Jahrbuch der österreichischen Wirtschaft, Vienna
    Norges Bank Watch: An Independent Review of Monetary Policy and Institutions in Norway, Oslo
    Norges Bank, Annual Report
    Oesterreichische Nationalbank, Annual Report
    Schweizerische Nationalbank, Annual Report
    Schweizerische Nationalbank, Das schweizerische Bankenwesen im Jahre … /Die Banken in der Schweiz, Zurich
    Schweizerische Nationalbank, Monthly Report
    Svenska Dagbladets Årsbok, Stockholm
    Sveriges Riksbank, Annual Report
    Published Sources
    Austria
    Stenographisches Protokoll der Sitzungen des Nationalrats
    Pressedienst der Industrie, Wien
    Jahrbuch der österreichischen Wirtschaft, Wien
    Belgium
    Procès-verbaux, Enquête parlementaire chargée de rechercher les responsabilités de la dévaluation du franc, 1935–1936
    Documents parlementaires, Chambre, 1935–1936, rapport no. 231 du 20 avril 1936
    Denmark
    Valutakonferencens forhandlinger, Copenhagen, 1923
    Valutakommissionens Betækning, Copenhagen, 1920.
    Norway
    Innstilling fra Valutakommisjonen, Oslo, 1926. (The document also can be found in Stortingets Forhandlinger 1926, Appendix to Storting propositionen, no. 62.)
    Rigsdagstidende
    Beretning om valutarådets virksomhet: 13de februar 1920–31te august 1921, Oslo, 1921
    Sweden
    Rikdagens protokoll (Förste Kammer, Andere Kammer)
    Bihang till Riksdagens protokoll
    Års Finanssakkunniga: Utlåtande angående frågan huruvida och i vad mån ett program för den närmaste framtiden för svensk finanspolitik må kunna åstadkommas. Avgivet den 6 Augusti 1920 av särskilda sakkunniga, Stockholm, 1920.
    Switzerland
    Bundesblatt
    Amtliches stenographisches Bulletin, Nationalrat und Ständerat
    Protokoll des Bundesrats vom 26. September 1936, in Diplomatische Dokumente der Schweiz 1848–1945, Vol. 11 (1934–1936), Bern, 1989, pp. 861–868.
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