L'évolution industrielle de la Belgique

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Monograph

Identifikator:: 1029903786

URN:: urn:nbn:de:zbw-retromon-63471

Document type:: Monograph

Author:: Lewiński, Jan S. http://d-nb.info/gnd/102701059

Title:: L'évolution industrielle de la Belgique

Place of publication:: Bruxelles

Publisher:: Misch & Thron, Éditeurs

Year of publication:: 1911

Scope:: 1 Online-Ressource (XIII, 444 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Première partie

Collection:: Economics Books

208 MODERN MONETARY SYSTEMS easily serve as an instrument of exchange and as a uni- versal standard. In any case it will be admitted that as gold ceased to be indispensable for international settle- ments the public would come to attach less and less practical importance to the existence of the metal “cover.” But we shall avoid attempting to deduce any practical scheme from these ideas, first, because it would be useless at the present moment 1n any case to forecast the creation of an international bank of issue, and, secondly, because such a bank with a world-wide privilege, while it would doubtless easily fulfil its monetary functions, could only be substituted with great difficulty for the national banks of issue in so far as their task of regulating credit is concerned. And so, even admitting the creation of an international fiduciary currency which is conceivable (in spite of certain objections)! it does not seem possible to include in any practical plan the complete substitution of such a currency for the existing national currencies. Therefore we must face the problem of monetary reconstruction by taking as a basis a monetary system similar to that which existed before the war. In other words, we must assume that zationa/ monetary systems will continue to exist parzly involving paper or silver currencies which only circulate at home and parsly involving a currency which circulates abroad and can be freely exported and which, for the present, is gold and gold alone. Such a system implies that there exists virtually an exchange problem; for when any sum of money circulates at home but cannot be used for purchases abroad, the question of convertibility necessarily arises in regard to international payments. And upon the way in which this question is settled will depend the solution of the problem of the ex- change. If gold is hidden or cannot be exported, the cir- culation of a country is in fact entirely inconvertible, for even gold currencies are only international currencies if they are 1 See in Le Monde Nouveau, June 1919, an article by the author on “Le probléme des réglements internationaux et 'idée du billet international,” in which he has merely intended to point out the theoretical possibility of an international issue of fiduciary currency.

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