Modern monetary systems

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Monograph

Identifikator:: 1753210836

URN:: urn:nbn:de:zbw-retromon-128414

Document type:: Monograph

Author:: Nogaro, Bertrand http://d-nb.info/gnd/117039713

Title:: Modern monetary systems

Place of publication:: London

Publisher:: King

Year of publication:: 1927

Scope:: XII, 236 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Modern monetary systems and their operation

Collection:: Economics Books

THE MONETARY CRISIS 89 the same in both cases, and the last stage of currency recon- struction in Czechoslovakia has confirmed the theory that there can be no stability without convertibility. § 11. Currency reform in Austria. Return to normal exchanges by the effective use of the Gold Exchange Standard. Fair™ stable prices emerge from stable exchanges in spite of an enormous increase in the fiduciary circulation. Austria offers an example of the attainment of stabilisa- tion after prolonged depreciation in its extreme form. At the time when the restoration of the currency was first contemplated in Austria, the crown had fallen even lower than the mark. The rate in New York was o0'0oo1 37 on April 1st, 1922, and 0000022 on August 1st of the same year. Notes were issued at an increasing rate as deprecia- tion advanced (304 milliards on March 31st, 1922, §49 milliards on June 30th, 786 milliards on July 31st),! and an unstable currency had been attended by almost the entire series of economic and social disturbances which have already been described in the case of Germany. It was at this stage that the Chancellor, Mgr. Seipel, made a desperate appeal to the world at large, which found an echo in the Leaguz of Nations. The latter, after having considered Austria’s plight at its session in August and September 1922, prepared agreements, with the object of ensuring both the assistance and control necessary for her financial recovery, which were signed on October 4th, 1922, by Austria, Great Britain, France, Italy and Czechoslovakia.2 The real basis of this scheme for currency reform and financial reconstruction appeared to consist of a series of measures destined to arrest the further issue of notes, and, 1 But the increase was much less in proportion, for the circulation hardly trebled between the first and last of these dates, whereas the exchange index was multiplied nearly eight times. 2 See the text of the agreements, published by the League of Nations, C. 716, M. 428, 1922 K., with the title “Financial Reconstruction of Austria,” November 9th, 1922.

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