CONTENTS
§ 2. Imitations of the Monetary Reform in India.
§ 3. Similar Monetary Reforms in various countries with paper
currencies.
§ 4. Comparison between the Conversion Office in the Argentine
and the “ Gold Exchange Standard’ in the Far East.
Identical principles and same essential conditions in the
working of new methods as in the traditional system of
the gold standard.
§ 5. Monetary Reform in Austria-Hungary,
§ 6. Results of Monetary Reforms, Stable Exchanges almost
universally restored at the beginning of the 20th century
on a gold basis.
CHAPTER V
TE MonETARY Crisis SINCE THE War oF 1914
§ 1. Consequence of the world-war from the monetary point of
view. Inconvertibility of currencies. General disappearance
 of free export, and in some cases of free
import, of gold. Disappearance of gold points and
instability of exchanges.
§ 2. The Exchange policy of the Allies during the War. Union
of sterling and francs with the United States dollar.
§ 3. Exchange policy in Germany and Austria during the War;
the Exchange Control Offices (Centrales de Devises).
§ 4. Aggravation of the Exchange Crisis after the War.
§ 5. Causes of the aggravation of the crisis in the Allied
countries.
§ 6. The Monetary Crisis in Germany and its characteristics.
Prices follow the exchange but are fairly independent of
the note issue.
§ 7. General characteristics and result of the world crisis in
the exchanges after the War. Fundamental importance
of price movements following instability of the exchanges.
§ 8. Attempts to overcome difficulties due to unstable exchanges
 and prices in countries with heavily depreciated
 currencies.
§ 9. Efforts to re-establish normal exchanges. England’s
traditional policy.
§ 10. Experiment in Czechoslovakia, based on the classical
principles, produces at first a rise but not a stabilisation
of the exchanges; a rise in prices takes place in spite of
a contraction of the currency. Stabilisation attained in
1923 results, in practice, from convertibility.
§ 11. Currency reform in Austria. Return to normal exchanges
 by the effective use of the Gold Exchange
Standard. Fairly stable prices emerge from stable
exchanges in spite of an enormous increase in the
fiduciary circulation.
§ 12. Conclusions regarding the present exchange crisis.

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