Should I stay or should I go? Understanding Poland's adherence to gold, 1928-1936
Wolf, Nikolaus. (2007) Should I stay or should I go? Understanding Poland's adherence to gold, 1928-1936. Historical Social Research, Volume 32 (Number 4). pp. 351-368. ISSN 0172-6404An open access version can be found in:
Official URL: http://nbn-resolving.de/urn:nbn:de:0168-ssoar-6295...
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
|Divisions:||Faculty of Social Sciences > Centre for the Study of Globalisation and Regionalisation|
|Journal or Publication Title:||Historical Social Research|
|Publisher:||GESIS - Leibniz-Institut fuer Sozialwissenschaften in Koeln|
|Number of Pages:||18|
|Page Range:||pp. 351-368|
|Access rights to Published version:||Open Access|
|Open Access Version:|
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