Der österreichische Exporteur

L'évolution industrielle de la Belgique

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Monograph

Identifikator:: 1758074884

URN:: urn:nbn:de:zbw-retromon-135614

Document type:: Monograph

Title:: Der österreichische Exporteur

Edition:: [2. Aufl]

Place of publication:: Wien

Publisher:: [Kammer für Handel, Gewerbe und Industrie]

Year of publication:: 1927

Scope:: 240 S.

Digitisation:: 2021

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Document type:: Monograph

Structure type:: Contents

Collection:: Economics Books

THE THEORY OF EXCHANGE 131 berween countries which have similar currencies made of the same metal which can be freely exported, imported and coined, the rate of exchange is found to express the ratio between the wial claims and the total debts which can be immediately enforced by the one against the other, or, in other words, the position of the balance of accounts which is in #his case the determining factor in the rate of exchange. It should be added that exchange fluctuations, so restricted within the gold points, are in no way connected with the volume of currency in either country unless variations in the volume of currency are held to affect the balance of payments, an assumption which we shall examine later. It is hardly necessary to add that as derween two countries with a silver currency, i.e., one of which is a monometallist country on an effective silver standard and the other is also a monometallist silver standard or a bimetallist 1 country, the exchanges are restricted in the same way and by the same factors within the sifver points,? but in the absence of a fixed rate for the conversion of silver into gold, these silver points are variable and fluctuate with the rate of silver bullion in terms of gold currency. Lastly, a country which has a paper currency can have a stable exchange with another country which has a the public, to the fact that the credit of the issuing bank was such that its paper was quoted above the metallic currency; but the notes passed by some tourist to a banker were accepted by him as a first class draft on the country where they originated, and if they were passed to him at a time when his market was indebted to that country, it enabled him to save the expense of shipping specie, and therefore justified him in purchasing above ar. P 1 In the strict meaning of the term involving the free coinage of silver as well as of gold, this kind of monetary system no longer exists. 2 This is so in fact; for a country on a silver standard has no gold, or, at least, not enough to make its foreign payments, and in any case its silver is not convertible into gold at a fixed rate. Hence shipments of silver sold abroad at the market rate determine the limits of the exchange when it is a debtor. When it is a creditor, countries with a gold currency will manage to purchase silver in the market, and use it if necessary ; and so again the rate of silver in terms of gold will determine the limit of the exchange, if the costs of transport be added.

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