But that's not what happened. http://www.nber.org/papers/w16350 http://www.nber.org/papers/w16350 The hypothesis is that France "hoarded gold" - kept more gol

But that's not what happened. http://www.nber.org/papers/w16350 http://www.nber.org/papers/w16350 The hypothesis is that France "hoarded gold" - kept more gold reserves than it printed currency. This led to a paucity of gold. Those nations that played by the rules could issue less currency than was needed. This led to deflation.