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Reparations revisited: the role of economic advisers in reforming German central banking and public finance

  • Robert Yee (a1)

Abstract

The economic advisers of the 1924 Dawes Committee enacted currency and banking reforms as a means of resolving financial and geopolitical problems. Although the committee members stated that they had no plans to resolve the Ruhr occupation, evidence from the technical advisers demonstrated the opposite. Economists Edwin Kemmerer, Joseph Davis and Arthur Young sought to appease Franco-Belgian demands for a resolution to the reparations debate by balancing the German budget and reorganising the banking system, thereby also addressing the question of military occupation. This research delves into the advisers’ reports on public finance, currency stabilisation and the gold standard, arguing that their attempts to assuage reparation-related concerns rested on major reforms to German central banking.

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Copyright

This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited.

Corresponding author

Robert Yee, Department of History, Princeton University, 129 Dickinson Hall, Princeton, NJ08544, USA; email: ryee@princeton.edu.

Footnotes

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I am grateful to Professor Harold James, Julia Marino, the two anonymous referees of this journal, and editor Stefano Battilossi for all their helpful comments. I would also like to thank Sarah Patton at the Hoover Institution, Stanford University, and the archivists and staff at the Seeley G. Mudd Manuscript Library, Princeton University. All remaining errors are my own.

Footnotes

References

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Alan Gustavus Goldsmith Letters (24002), Hoover Institution Archives, Stanford University
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Reparations revisited: the role of economic advisers in reforming German central banking and public finance

  • Robert Yee (a1)

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