Compte rendu des travaux de la Chambre Syndicale pendant lʹannée 1926

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Monograph

Identifikator:: 1759941719

URN:: urn:nbn:de:zbw-retromon-137382

Document type:: Monograph

Title:: Compte rendu des travaux de la Chambre Syndicale pendant lʹannée 1926

Place of publication:: Marseille

Publisher:: Soc. Anonyme du Sémaphore de Marséille

Year of publication:: 1927

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Documents Annexes

Collection:: Economics Books

NORMAL EXCHANGES IF] the adoption of the latter system in no way prevents the former par from being replaced by a new par as has been done in several countries such as Japan and Russia, which have adopted this classical method of monetary recon- struction. On the contrary, it should be observed, as we have already stated above, that in the latter case the devalor- isation is final, whereas under the much more elastic system of the gold reserve it is possible to fix a provisional parity adapted to the actual requirements of foreign trade and one which in no way excludes the possibility of a gradual recovery by successive stages. If therefore we look at the facts as they are and if we consider how many countries there are where a depreciated exchange cannot be brought back to the former par without a serious crisis, we shall conclude that the problem of stabilisation should be solved by setting up new gold points; and it would seem that preference should be given to a system which allows the problem to be solved without it being necessary to take a decision in advance as to the ultimate devalorisation of the monetary unit. In order, however, to explain the nature of this problem to the reader, we still have to reply to the objection that the system of the gold reserve cannot stand any prolonged deficit in the balance of payments. It is indeed true that the gold exchange standard, like any other similar system based on the convertibility of the internal currency into a foreign currency, cannot work unless the reserve of gold or foreign currency, i.e., the volume of metal or of credit, is large enough or elastic enough to meet any possible demands for payments abroad to the extent to which private bills may be insufficient for this purpose. But the same problem arises with all other methods of using the gold standard, so much so that with an equal stock of gold it is much easier for a country to withstand a deficit in its balance of payments abroad if it sets aside all ts available gold for foreign payments than if it allows that gold to be lost in internal circulation. Nevertheless it may seem as though this theoretical objection had been confirmed by a superficial study of Yo

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