| Cover | 1 |
|---|
| Half-Title | 2 |
|---|
| Title | 3 |
|---|
| Copyright | 4 |
|---|
| Dedication | 5 |
|---|
| Contents | 6 |
|---|
| List of Figures and Tables | 8 |
|---|
| Preface | 10 |
|---|
| Acknowledgements | 15 |
|---|
| Part I The Gold Standard Reinstated | 16 |
|---|
| 1 War Reparations and Hyperinflation in Germany | 17 |
| 1 Inter-Allied war debt and Germany | 17 |
| 2 The London Schedule of Payments | 19 |
| 3 Reparations and hyperinflation: the balance of payments perspective | 24 |
| 4 The fiscal policy/national output perspective | 28 |
| 2 The Reichsmark: Stabilization and Foreign Loans | 36 |
| 1 The mark stabilization of 1924 | 36 |
| 2 The Reichsbank reorganized: the Dawes Plan | 42 |
| 3 The Young Plan | 53 |
| 3 Golden Fetters Revisited | 57 |
| 1 The gold standard: a few basic principles | 57 |
| 2 Institutional factors | 63 |
| 3 The gold standard leverage | 66 |
| 4 Methods of de-levering in the post-war period | 68 |
| 5 The completion of ‘realignments’ 1924–1928 | 71 |
| 6 The story of the Italian return to the gold standard | 74 |
| Part II The Gold Standard Collapse: Nationalism and Bilateralism in International Financial Relations | 82 |
|---|
| 4 Towards Nationalism | 83 |
| 1 German banking crisis and economic depression | 83 |
| 2 German exchange controls | the end of reparations |
| 3 America and the inter-Allied debt | 88 |
| 4 The Nazis in charge | 90 |
| 5 Germany: the international side | 93 |
| 6 Germany: the domestic side | 100 |
| 7 The United States and Britain | 103 |
| 8 Italy: living with an overvalued currency | 112 |
| 5 Bond Repatriation, Export Subsidies and Clearing Agreements | 117 |
| 1 International currency shortage and recourse to barter | 117 |
| 2 Germany’s trade | 121 |
| 3 Foreign exchange controls and debt reduction techniques as a tool of trade policy | 124 |
| 4 Payment agreements | 129 |
| 5 Clearing agreements: an overview | 132 |
| 6 German clearing agreements with West European countries after the ‘New Plan’ | 138 |
| 7 The ASKI marks | 143 |
| 8 Germany’s dysfunctional clearings, and the final attempts to preserve the peace | 145 |
| 6 Germany’s and Italy’s Relations with Southeastern Europe | 150 |
| 1 German trade with the Balkans | 150 |
| 2 Clearing agreements | 153 |
| 3 Germany and Italy in Southeastern Europe: a case of noli me tangere! | 158 |
| 4 Italy and Albania | 162 |
| 7 The Italian–German clearing | 167 |
| 1 Italy and Germany: their trade balance | 167 |
| 2 The Italian–German clearing of 1934 | 172 |
| 3 Italy’s exchange controls: the new clearing agreement of 1935 | 176 |
| Part III What Europe? | 184 |
|---|
| 8 The Funk Plan (by Paolo Fonzi) | 185 |
| 1 The Reichsbank’s prospective stance on monetary issues in 1940 | 185 |
| 2 Different strategies for the unification of Europe | 189 |
| 3 The Funk Plan | 194 |
| 4 National Socialist ideology and the rationale of the Funk Plan | 197 |
| 9 Money for the World of Tomorrow | 202 |
| 1 Reactions to the plan: fascist Italy | 202 |
| 2 Reactions to the plan: Keynes and the British government | 210 |
| 3 Some final considerations on the plan and multilateral clearings | 213 |
| Postscript | 218 |
|---|
| Notes | 225 |
|---|
| References | 254 |
|---|
| Archives | 261 |
|---|
| Index | 262 |
|---|
