Der österreichische Exporteur

Bibliographic data

Monograph

Identifikator:: 101030657X

URN:: urn:nbn:de:zbw-retromon-41609

Document type:: Monograph

Author:: Aughinbaugh, William E.

Title:: Selling Latin America

Place of publication:: Boston

Publisher:: Small, Maynard & Company Publishers

Year of publication:: 1915

Scope:: 1 Online-Ressource (VI, 408 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: II. Brazil

Collection:: Economics Books

NORMAL EXCHANGES 109 convertible into the currencies of other countries by export, import and re-coinage.! If, on the contrary, it is possible to obtain at a constant rate, either by taking it out of circulation or by buying it from the bank of issue or any other establishment ap- pointed for the purpose, the gold necessary for export and to receive imported gold under similar conditions, the exchange will be confined within the limits of the gold points so long as convertibility is maintained; this will be a system of stable exchanges. It 1s important to emphasise what exactly is meant by a stable exchange and by the stabilisation of exchanges. For many highly-qualified experts who have not made a sufficiently detailed examination of the subject have been led to imagine that stabilisation consisted in ‘‘determin- ing” the exchange by “artificial” means and by preventing the normal factors from operating. In fact, as is clearly shown in Chapters III and IV of Part I of this book, stabilisation usually consists merely of re-establishing the gold points by making the internal currency again con- vertible into gold currency. § 2. Stabilisation and the return to the gold standard: system of convertibility limited to external requirements. Funda- mental similarity between various systems of gold standard. It would therefore be quite false to contrast stabilisation and the return to the gold standard. Stabilisation is merely one method of returning to the gold standard, which rests on the same basis as any other method of converting internal currency into gold; further, it is desirable for reasons of convenience. We have seen above how the method described as being that of the gold exchange standard or of the gold reserve quite naturally follows from the elementary technical pro- 1 As, for example, in Sweden, where, the import of gold being prohibited, exchanges are disturbed even with countries on a gold currency where the export of gold is permitted. 2. g

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