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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Document type:: Monograph

Structure type:: Chapter

Title:: Part II. The explanation of contemporary monetary phenomena and currency theory

Collection:: Economics Books

THE THEORY OF EXCHANGE 161 it is possible to raise by successive stages carefully spaced out the value of the internal currency in relation to the external currency, the mechanism of conversion being quite independent of the particular rate adopred. And the prospect of such later recovery makes it possible to avoid, whenever it is thought that the right moment has come, the devaloris- ation which would result from a change in the definition of the monetary unit, without affecting the main principle of stabilisation. For stabilisation does not so much imply a fixed and unvarying rate of conversion as a system of stable exchanges restricted over a given period to the normal limits set by the possibility of regular con- version, and thus removed from the vicissitudes of speculation. This method evidently amounts to adopting the system of the gold exchange standard or of the gold reserve; and it has hardly anything against it except the ignorance in European countries of the exact way in which it works, although fundamentally it is identical with our traditional system of the gold standard.! ! In the second chapter of Part III, p. 209 et seq., will be found an exact demonstration of the fundamental identity between the gold exchange standard and the former gold standard. M

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