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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Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

140 MODERN MONETARY SYSTEMS played in the present exchange crisis by speculation and also by the purchase of foreign currencies apart from any necessity to make payments abroad and with the sole ob- ject of safely storing, in times of panic, money which has been saved. But it may be asked whether it is not possible to discover behind such psychological elements factors which are capable of having an objective effect on the exchange rate. When speculators try to forecast political events they concentrate more or less on those elements which are likely in the future to affect the balance of payments; e.g., at the present time the payment of reparations or inter-allied debts. But they also take into account many other factors, such as the volume of circulation, the Budget position and the revenue from taxation; and it may be added that these two last-named elements are generally considered by reference to the first. For it is generally feared, with some justification, that a State, the Budget of which does not balance, will be forced to resort unduly to the printing press.} § 5. The exchange rate and the Quantity Theory. The factor of the Balance of Payments being thus given its due importance—which is considerable—it is the factor of monetary circulation which will next occur to the reader’s mind. The question arises whether behind the speculative forecasts which are often wrong but which are often corrected by events themselves, we should not assign a decisive influence in exchange fluctuations to the monetary circulation. L All these factors may therefore influence the exchange through the psychology of speculators; but it must not be forgotten that a psycho- logical influence may be counteracted by other influences of the same kind and must not be confused with concrete factors, and especially the faculty of conversion, which have a physical influence on the exchange market. Hence we should not assign an equal importance as factors in the stabilisa- tion of an exchange to Budget equilibrium, the effect of which is indirect and psychological, and to direct intervention on the exchange market to relieve a shortage of media of payment.

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