The Economic History Podcast Interwar (Monetary) Instability
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Oct 14, 2023 In this discussion, Kirsten von Schneider, an Associate Professor specializing in interwar monetary systems, shares fascinating insights on the tumultuous economic landscape of the era. She explores why countries returned to the Gold Standard post-WWI and the limitations it imposed on their policies. Kirsten also delves into the reasons for the system's fragility and the impact of capital controls on economic recovery. Additionally, she discusses the concept of currency wars and reveals how they influenced international trade during the 1930s.
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Childhood Visit Sparked Interest In Exchange Rates
- Kirsten von Schneider describes visiting East Germany after the wall fell and seeing multiple posted prices and conversion rates during currency reform.
- That childhood experience sparked her lifelong interest in exchange rates and monetary issues.
Look For New Data And Follow Your Passion
- Kirsten advises researchers to seek new data sources and combine them with strong historical narratives.
- She recommends choosing topics you are passionate about and adding novel datasets to make research stand out.
How The Classical Gold Standard Worked
- The classical gold standard let countries unilaterally peg to gold and created automatic fixed exchange rates across participants.
- That design fostered cooperation, facilitated capital flows, and supported globalization before WWI.
