Wolf, Nikolaus. (2007) Should I stay or should I go? Understanding Poland's adherence to gold, 1928-1936. HISTORICAL SOCIAL RESEARCH-HISTORISCHE SOZIALFORSCHUNG, 32 (4). pp. 351-368. ISSN 0172-6404

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Abstract

This paper examines the decision of the Polish government to adhere to the gold standard during the Great Depression. Poland did not leave gold until April 1936 and suffered through one of the worst examples of a depression, with massive deflation and a complete collapse of industrial production. The Polish case stands out against the experience of other European countries as can be shown in an econometric framework. I argue that Poland's monetary policy was largely determined by non-economic considerations, especially attempts of the Pilsudski regime to defend Poland against foreign (esp. German) aggression. I provide evidence that strongly supports this view until about mid-1933. Ironically, just after Poland had joined the gold-bloc there were signs of a broad strategic reorientation, which paved the way for an exit in 1936.

Item Type:	Journal Article
Subjects:	D History General and Old World H Social Sciences > HD Industries. Land use. Labor
Journal or Publication Title:	HISTORICAL SOCIAL RESEARCH-HISTORISCHE SOZIALFORSCHUNG
Publisher:	CENTER HISTORICAL SOCIAL RESEARCH-ZENTRUM HISTORISCHE SOZIALFORSCHUNG
ISSN:	0172-6404
Date:	2007
Volume:	32
Number:	4
Number of Pages:	18
Page Range:	pp. 351-368
Publication Status:	Published
URI:	http://wrap.warwick.ac.uk/id/eprint/30937

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