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Sep 6, 2017 · In 1917-1918 money supply (M1) increased faster than price levels, while the GDP decreased. This would be explainable if the government strictly limited trade and prices, which it was unable to do. Thus, the absorption of the increased money supply reflects substantial black markets.
Dutch policymakers deliberately stayed away from those policy pathways which would have led to a devaluation. Despite this constraint, DNB was able to creatively design and exploit a wide variety of monetary policy instruments. This allowed the Netherlands to avoid domestic currency crises, and prevented the guilder from being forced off gold.
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In 1817, the first coins of the decimal currency were issued, the copper 1 cent and silver 3 guilders. The remaining denominations were introduced in 1818. These were copper cents, silver 5, 10 and 25 cents, and 1 guilder, and gold 10 guilders. In 1826, gold 5-guilder coins were introduced.
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As economic forecasts worsened and crops failed in 1917 and 1918, the Netherlands faced the prospect of famine for the first time in centuries.
When war broke out in 1914, the Netherlands, which had declared its neutrality, put aside the proposed reforms in order to concentrate on the immediate problem of maintaining the country’s livelihood in the face of blockades. The “Pacification,” as the compromise was called, was adopted in 1917 and put into effect after the return of peace.
The current refugee crisis has awakened memories of the refugees of 1914. In 2019 a Museum for Hospitality will be opened dedicated to the history of the monument and the history of refugees in the Netherlands in the 20 th century. However, there is no official ceremony commemorating the mobilisation or the end of the First World War.
History of the Netherlands (1900–present) From 1900 to 1940, the Netherlands experienced significant population growth. This era included significant colonial expansion, particularly in the Dutch East Indies, coupled with the challenges posed by World War I and the Great Depression. Although the Netherlands maintained neutrality during World ...
