During the inter-war period, between 1926 and 1933, economic policy in France was not managed consciously according to some internal targets, but rather by two doctrines : "the balanced budget doctrine" and "the stabilisation of credit conditions doctrine". The latter aimed basically at maintaining the nominal cost of credit constant and at providing liquidities to the banking sector and to firms. The Bank of France said it had to fight against "managed money". This assertion can be understood as a mix of the "real bill doctrine", which suggest discounting only bills corresponding to real operations, and to the Wicksellian theory of the interest rate,the long term interest rate being determined by the short term one, to which a risk premium for inflation, exchange rate depreciation and illiquidity is added.
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