Abstract

This paper aims to analyse the changing course of financial relations between France and Switzerland and their political repercussions from the Belle Epoque to the beginning of the Second World War. During this period, a decisive shift occurred: while France was the main lender of the Swiss Confederation and had clear monetary ascendency over this country before the war, the latter, because of its neutrality and the rise of its offshore financial centre, became an important creditor of the former. This transition started during the hostility and continued until the 1930s. For instance, the Swiss banking centre played a crucial role in the stabilisation of the French franc (FF) in 1926, as well as during the financial preparation for the Second World War. While a few case studies have dealt with this historical issue, this paper is the first to examine the impact of this changing course of financial relations over the long term. It demonstrates that, paradoxically, the French government did not profit from its financial ascendency over Switzerland during the Belle Epoque, whereas the small Swiss Confederation was able to reinforce its political and economic position over France because of credits during the interwar period. The monetary environment, the internal political situation, and the general goals of both countries’ foreign policy explain this difference.

摘要

本文旨在分析法美两国之间金融关系的变化历程及其从美女时代到第二次世界大战开始的政治影响。在此期间，发生了决定性的转变：法国是瑞士联邦的主要贷款国，在战前对该国拥有明显的货币升值权，而后者由于其中立性和离岸金融中心的崛起而成为重要的货币。前者的债权人。这种转变始于敌对时期，一直持续到1930年代。例如，瑞士银行中心在1926年法国法郎（FF）的稳定以及第二次世界大战的财务准备过程中发挥了至关重要的作用。尽管一些案例研究已经解决了这个历史问题，本文是第一个考察这种长期财务关系变化的影响的论文。它表明，自相矛盾的是，法国政府没有在百丽时代期间从其对瑞士的财务优势中获利，而小瑞士联邦由于两次世界大战期间的信贷而得以巩固其在法国的政治和经济地位。货币环境，内部政治形势以及两国外交政策的总体目标解释了这种差异。而小瑞士联邦由于两次世界大战期间的声望而得以巩固其在法国的政治和经济地位。货币环境，内部政治局势以及两国外交政策的总体目标解释了这种差异。而小瑞士联邦由于两次世界大战期间的声望而得以巩固其在法国的政治和经济地位。货币环境，内部政治形势以及两国外交政策的总体目标解释了这种差异。