普仏戦争賠償金支払のメカニズムと国際金融市場 : 一八七三年恐慌の分析のために

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  • The Payment of the Franco-Prussian War Indemnity and Its Effects on the International Money and Capital Markets
  • 普仏戦争賠償金支払のメカニズムと国際金融市場--1873年恐慌の分析のために
  • フブツ センソウ バイショウキン シハライ ノ メカニズム ト コクサイ キンユウ シジョウ 1873ネン キョウコウ ノ ブンセキ ノ タメニ

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説明

As is well known, the inflow of the Franco-Prussian War indemnity had a considerable influence on the boom and its collapse in Germany and Central Europe in the early 1870's. This paper deals with the actual process of the indemnity payment and the effects this exerted on the international money and capital markets. The purpose is to make a contribution to the study of the nature and the characteristics of the cyclical fluctuation of this period. The French Government floated two major indemnity loans. The first one was issued in 1871 and the total amount at face value was 2,779.5 million francs; the rate of interest was 5 per cent; the price to the subscribers was 82.5; and the proceeds of the loan amounted to 2,239 million francs. The second loan, which was floated in 1872, amounted to 4,140.5 million francs in face value; the rate of interest was 5 per cent; the price to the subscribers was 84.5; the total proceeds of the loan was 3,499 million francs. Thus, the French Government obtained 5,792 million francs from the two loans. Of this amount 40 per cent was subscribed for by foreigners. Of the remainder about 2,000 million represented money raised by selling French foreign investments, though the French citizens were not slow in re-purchasing that amount of foreign securities. Thus, most of the indemnity money was raised in the international capital markets. The French Government paid 5,315 million francs to Germany as the indemnity (which amount included interests accruing on the original indemnity). The payment was mainly effected by the delivery of the commercial bills on England, Holland, Belgium and Germany, which totalled to 4,248 million francs. Of the remainder, 724 million was paid in banknotes and coin. Being the international capital market, London was involved in this large-scale operation. For one thing, over 1,500 million francs of bills on London were purchased by the French Government and used for payment to the German Government, which naturally affected the Paris-London and Berlin-London exchange rates. In addition, the German Government, which decided to adopt the gold standard, took away a large amount of gold from London for the purpose of coinage. Thus, a sudden demand for gold appeared and the Bank had suddenly to raisd the bank rate. This left a deep impression on the contemporary minds, who began to discuss the necessity of a larger gold reserve at the Bank. The international gold standard began to take shape under these circumstances.

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