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

CURRENCY AND PRICE MOVEMENTS 111 at the end of the 19th century and at the beginning of the 20th century; the rise in prices during the war (and the fact that in some countries it appears to be in pro- portion to the expansion of the currency) ; and the fall in prices after the war. But this general concordance does not show there is in all cases an obvious relation of cause and effect ; for other factors may have influenced prices, chiefly, in the 16th century, the valorisation of currencies at too high a point, war and famine. From 1914 to 1918 the war may have given rise both to the issue of paper money for financial reasons, and, by limiting production, to the rise in prices. Similarly, the end of hostilities may account both for the stoppage of inflation in the period immedi- ately after the war and for the fall in prices consequent upon a return to normal production following a crisis. In this case, as has been pointed out, definite reservations must be made because (1) the fall in prices preceded currency contraction and (2) it was much more than pro- portional to this contraction. Conversely, a fresh rise in prices occurred in 1923, particularly in F rance, when the circulation was more or less constant. Again, it must be admitted that at times when the rise in prices was much smaller, especially at the end of the 19th and beginning of the 20th century, non-monetary factors such as the raising of Customs duties and indirect taxes and the limitation of competition among producers might perfectly well have sufficed to account for the phenomenon. A detailed examination with a view to determining the other factors in the rise in prices would be necessary in order to estimate the probable effect of the monetary factor—or to discard it. The same remark applies to the comparison between the rise in prices in various countries during the last period of the war, but with this difference that still other factors, especially the exchange, are partly responsible for explaining the differences. And so, apart from periods of great disturbance—when the monetary factor is not alone responsible, and which are therefore also subject to some reservation—it appears

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