Répertoire des administrateurs & commissaires de société, des banques, banquiers et agents de change de France et de Belgique

Der Produktionsprozeß des Kapitals (1.1928)

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Monograph

Identifikator:: 1751319059

URN:: urn:nbn:de:zbw-retromon-129553

Document type:: Monograph

Title:: Répertoire des administrateurs & commissaires de société, des banques, banquiers et agents de change de France et de Belgique

Place of publication:: Paris [u.a.]

Year of publication:: [1926]

Scope:: 1316 S.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Répertoire des administrateurs, commissaires, liquidateurs, curateurs, etc., de sociétés

Collection:: Economics Books

134 MODERN MONETARY SYSTEMS essential test of the exchange phenomena which we are about to examine lies not so much in depreciation (which at first and in the course of successive fluctuations always involves some recoveries) as in instability. If, then, the essential characteristic of an exchange crisis is instability, let us inquire, in the first place, how the crisis begins. The above remarks show that the begin- ning is a radical transformation of the exchange market. For so long as the country in question and a group of others continue to have a currency of the same kind which can be transported, the only reason for the profits on negotiating bills of exchange is to avoid the difficulties and expenses of transporting this currency ; and the price paid by those who derive advantage from the transaction cannot exceed the amount of costs of transport. This being so, the exchange market is one in which supply and demand have free play, but only in so far as it is profitable to negotiate the bills on it, 7.e., in so far as it is not possible to use another method of settlement. As soon as this other method disappears, the limiting condition also disappears; this is what happens in countries with a gold currency when it becomes impossible to export gold either as a result of legal prohibitions or other circumstances; and as the prohibition is usually directed, not against the im- port, but against the export, of the precious metal, iz is ze export gold point which alone disappears and with it all ob- stacles to negotiating at a higher rate ; thereafter the ex- change will fluctuate and move towards a decline in value, or depreciation of the national currency 1n relation to cur- rencies which have kept their gold points. The disappearance of the export gold point is thus seen to be the beginning of a fall in the exchange beyond normal limits, i.e., an exchange loss or external depreciation of the currency ; and as this disappearance of the export gold point is usually the immediate result of granting forced currency and there- fore of making paper énconvertible and prohibiting the export of gold, the immediate and as it were physical cause of ex- change crises in such circumstances which are very common, is to be found in this inconvertibility and in the prohibition to export gold.

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