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

92 MODERN MONETARY SYSTEMS to 2,324 milliards by September 30th in the same year, and reached 4,080 milliards when the unsecured issue ceased at the end of 1922. In August 1923 it reached 5,643 milliards, and on December 31st 7,126 milliards, to fall back to 6,492 in January 1924. Although the note issue has a very large cover (63:89, in gold and foreign currencies in January 1924)! iz is clear that inflation continues? and there is still a discrepancy between the increase in the fiduciary circulation and the rate of exchange, which being once more restricted by the gold points remains stable. The price movement does not seem to have been affected by currency expansion, once the exchange was stabilised. It is true that in the third report of the Com- missioner General it was pointed out that after the fall which followed stabilisation the index rose a little in March, showing an increase of 69%, on the previous month ; but it was pointed out at the same time that, apart from a slight boom, a rise in prices on the world market had brought about a corresponding rise in the prices of imported commodities. The index continued to show a very slight rise of 19, between May 14th and June 15th. But a fall of 59, took place in the following month, apparently in accordance with the normal seasonal fluctuation, and a further similar drop took place in August.? 1 J .e., the value of 4,147 milliard paper crowns, equivalent to 188 million gold crowns. 2 The Eighth Report of the Commissioner General of the League of Nations also points out (art. 7) an increase in the figures for deposits in the National Bank. He sees in this a sign not of an increase in the circulation but of a decrease in the velocity of circulation, an observation which goes against those who believe that bank deposits and notes need only to be added together in order to obtain the total circulation. 3 The information in the text is taken from the League of Nations Reports. It is corroborated by the statistics quoted by M. Aftalion in an article on “La circulation, les changes et les prix” (Rev. Econ. Intern., February 1924, p. 268). Fuller information may be obtained from an article on “Die Kosten der Lebenshaltung zu Anfang Jaenner 1924,” by Philipp Knab, which appeared in the Oesterreichische Volkswirth of January 5th, 1924. As regards foodstuffs the results are the same. It

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