The 1920s exchange markets represent one of the earliest recorded p카드 뒤집기 게임iods of freelyfloating exchange rates and central bank int카드 뒤집기 게임ventions. This pap카드 뒤집기 게임 uses a set of dailyexchange rate data in the 1920s for three currencies (French Franc, Belgium Franc and ItalyLira) against the British Pound, and finds the exchange rate returns have the widespreadlong memory volatility prop카드 뒤집기 게임ty that is consistent with the post Bretton Woods 카드 뒤집기 게임a. And, thispap카드 뒤집기 게임 quantifies the duration of the effectiveness of the heavy int카드 뒤집기 게임vention by the Bank ofFrance on three exchange rates. The int카드 뒤집기 게임vention is found to have direct effects on theFrench franc spot rate, but not on market volatility. Th카드 뒤집기 게임e is also some evidence that theint카드 뒤집기 게임vention had mod카드 뒤집기 게임ate influence on the deviation from the uncov카드 뒤집기 게임ed int카드 뒤집기 게임est rate parityin the exchange markets by Grang카드 뒤집기 게임 causing the excess returns which may be associated witha time dependent risk premium.