"War Finance (France)"
Résumé
[Introduction] Though it entered war with an already important public debt, France managed its growth in ways comparable to that of other main warring powers, mixing monetary financing, internal and external debt. Monetary financing was made possible by the 5 August 1914 convertibility suspension, while strong British and, later on, American support avoided a decline of the exchange rate before the end of the war. State debt purchases were transformed into a patriotic act through intense marketing, but it did not prevent a slow increase in interest rates, albeit a rudimentary circuit policy, leading to a growing share of short-term debt.