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 II. The explanation of contemporary monetary phenomena and currency theory

Collection:: Economics Books

108 MODERN MONETARY SYSTEMS felt at once, but they also constitute a warning not to for- get that many different factors influence general price movements and that currency expansion itself may have complex results. Attempts have also been made to confirm the Quantity Theory, not by examining the curves of the note issue and of prices in one country, but by comparing at a given date, e.g., the end of 1919, monetary inflation and prices in various countries with the object of discovering whether the rise in prices is proportionate to the inflation. Thus after allowing for the part played by larger or smaller bank deposits M. Rist! has drawn up a comparative table showing currency expansion in various countries between 1914 and 1919, and arrives at the conclusion that during this period the greatest rise in prices took place in those countries where currency expansion was greatest. An inquiry made in England led to similar results, but calls for the same reservations.2 This is the most sig- nificant phenomenon observed for this period, although the comparison involves very few countries, chosen per- haps because they seemed to afford a better illustration of the theory. But even so, it is not possible to draw absolutely certain conclusions; for apart from the diffi- culty of comparing the effects of currency expansion in various countries whose credit structures differ widely, other economic factors must be admitted as being per- haps adequate to account for the differences shown ; for instance, differences in the rate of exchange, in freights, in the price of coal, in the organisation of consumers, may very well account for the fact that prices rose more in Italy than in France and in France than in England, apart from the fact that normal production was much less affected by the war in Great Britain, the United States 1 Rew. &’écon. polit., June-July 1920. 2In the British Parliamentary Papers, “Statement on Currency Expansion, Price Movements and Production in Certain Countries,” analysed in The Times of June 11th, 1920, a table will be found showing similar results as regards the rise in prices and currency expansion in Italy, France, Sweden, Japan, Canada and the United States.

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