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Economic policy, 1918–1939


Marcus, Nathan; Nikolić, Stefan; Straumann, Tobias (2020). Economic policy, 1918–1939. In: Morys, Matthias. The economic history of Central, East and South-East Europe : 1800 to the present. London: Routledge, 188-215.

Abstract

This chapter explains the economic policies adopted by the Eastern European countries in the 1920s and the 1930s, and deals with the Soviet experience. The League’s Council repeatedly called for normalizing international trade and commissioned several studies stressing the danger of autarkic policies in the Danubian region, but without effect. Foreign indebtedness limited monetary policy options and the loss of foreign reserves left the introduction of exchange controls as the only viable option for most Central, East and South-East European (CESEE) countries if they were to keep honouring their foreign debt. The concentration of foreign exchange transactions at the central bank as part of exchange control policy meant that countries that introduced exchange controls effectively prohibited foreign payments and made the government the mediator between domestic debtors and foreign creditors. The interwar years saw important economic policy changes in Eastern Europe. The most radical shift occurred in Russia after the October Revolution of 1917.

Abstract

This chapter explains the economic policies adopted by the Eastern European countries in the 1920s and the 1930s, and deals with the Soviet experience. The League’s Council repeatedly called for normalizing international trade and commissioned several studies stressing the danger of autarkic policies in the Danubian region, but without effect. Foreign indebtedness limited monetary policy options and the loss of foreign reserves left the introduction of exchange controls as the only viable option for most Central, East and South-East European (CESEE) countries if they were to keep honouring their foreign debt. The concentration of foreign exchange transactions at the central bank as part of exchange control policy meant that countries that introduced exchange controls effectively prohibited foreign payments and made the government the mediator between domestic debtors and foreign creditors. The interwar years saw important economic policy changes in Eastern Europe. The most radical shift occurred in Russia after the October Revolution of 1917.

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Additional indexing

Item Type:Book Section, refereed, original work
Communities & Collections:06 Faculty of Arts > Institute of History
Dewey Decimal Classification:700 Arts
Scopus Subject Areas:Social Sciences & Humanities > General Economics, Econometrics and Finance
Social Sciences & Humanities > General Business, Management and Accounting
Language:English
Date:2020
Deposited On:08 Jan 2023 12:44
Last Modified:26 Mar 2024 04:37
Publisher:Routledge
ISBN:9781138921979
OA Status:Closed
Publisher DOI:https://doi.org/10.4324/9781315686097
Official URL:https://www.taylorfrancis.com/chapters/edit/10.4324/9781315686097-10/economic-policy-1918%E2%80%931939-nathan-marcus-stefan-nikoli%C4%87-tobias-straumann?context=ubx&refId=1246c6a8-d22f-4789-a7bf-94a007d81e59
Other Identification Number:eBook ISBN 9781315686097
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