Leitfaden durch die Sozialpolitik

Bibliographic data

Monograph

Identifikator:: 1016716656

URN:: urn:nbn:de:zbw-retromon-162582

Document type:: Monograph

Author:: Altmann-Gottheiner, Elisabeth http://d-nb.info/gnd/116295279

Title:: Leitfaden durch die Sozialpolitik

Place of publication:: Leipzig

Publisher:: G.A. Gloeckner, Verlagsbuchhandlung

Year of publication:: 1923

Scope:: 107 Seiten

Digitisation:: 2021

Collection:: Economics Books

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

THE MONETARY CRISIS 85 This whole series of phenomena is disconcerting for those theoretical writers, more or less attached to the Anglo-Saxon school, who expected that the magic of deflation would bring about the recovery and even the stabilisation of the Czech crown, and who, above all, did not believe it to be possible that with a limited note issue there should occur either a collapse in the exchange or a serious rise in prices. One of the exponents of this theory has been obliged to admit in a recent work ! that, in view of the interval of two years between the end of the attempt to deflate and the final recovery of the Czech crown, “it is really difficult to attribute this reversal to the measures for the contraction of purchasing power which were taken immediately after the war | He also admits that the rise in prices was produced, in spite of a wise restriction of the fiduciary currency, by the collapse in the exchange, and that the fall in prices in 1922 succeeded its recovery. He even emphasises this observation in the following passage : “ Far from the exchange rates being influenced by domestic price movements, prices were exceedingly sensitive to exchange fluctuations. For the effect of an internal or external appreciation of the crown was to raise the price of exported or imported food-stuffs and so of all other commodities.” 2 But he still finds it surprising that prices could rise in spite of the initial reduction of the currency.” “ The rise in prices provoked by the drop in the exchange,” he adds, “ought surely to have met with an insurmountable barrier in the shortage of currency.” After all, he con- cludes that “the facts show that the opposite was the case ; 1 Ch. Rist, “Ia déflation en pratique,” p. 95. 2 And again: “Not only did the two movements begin at the same moment ; even before there had been a striking resemblance between their curves. A temporary fall in prices between December 1920 and July 1921 coincides with a temporary stabilisation of the exchange. The enormous rise from 1919-1920 was parallel to the decline of the Czech crown during nine months, from 33 Swiss francs to 9°40 francs.” (Rist, op. cit., p. 95.)

Access restriction

Copyright

fullscreen: Modern monetary systems

Monograph

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation