Répertoire des administrateurs & commissaires de société, des banques, banquiers et agents de change de France et de Belgique

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Monograph

Identifikator:: 1751319059

URN:: urn:nbn:de:zbw-retromon-129553

Document type:: Monograph

Title:: Répertoire des administrateurs & commissaires de société, des banques, banquiers et agents de change de France et de Belgique

Place of publication:: Paris [u.a.]

Year of publication:: [1926]

Scope:: 1316 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Répertoire des administrateurs, commissaires, liquidateurs, curateurs, etc., de sociétés

Collection:: Economics Books

146 MODERN MONETARY SYSTEMS changes in the volume of currency, of any size and however small; have a specific influence on the rate of exchange apart from whatever importance speculators may rightly or wrongly attribute to such changes—because it does not seem possible to attribute to them a priori or to prove any single or consistent effect on price movements. Moreover, as regards the power to restore the exchange, said to belong to currency contraction, or, in other words, “/deflation,” we believe that it is necessary to take an ex- ceedingly cautious view. For if the deflation is small in extent, the effect on prices is very doubtful and could hardly react on the exchange except in so far as it may influence certain naive speculators. If, on the other hand, deflation is far-reaching, there is a risk that exports will suffer more from the resulting dislocation of credit and production than it will benefit by the fall in prices. § 6. Principles governing fluctuations of abnormal exchanges. Having arrived at this stage of our analysis we may sum- marise the preceding remarks in the form of the following conclusions : When an exchange ceases to move within the limits set by the power to obtain an exportable currency at a fixed rate without loss (in practice the limits are usually the gold points), it will fluctuate unequally in relation to different countries according to their monetary system and as a result of factors which make themselves felt through the psychology of a speculative market. Of these factors, variations in the volume of fiduciary currency appear capable of exercising a direct influence in cases like the depreciation of the assignats, in which the agio of paper in relation to metal shows itself both in internal transactions and in exchange operations. In considering the curves of exchange and currency it should not be forgotten, however, that the rise in prices which is the direct result of the foreign rate of the currency may provoke the expansion of the currency, and may be in certain cases the cause rather than the effect of the latter.

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