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 III. Monetary theory and its application in practice

Collection:: Economics Books

204 MODERN MONETARY SYSTEMS problems the solution of which is of the greatest import- ance for the destiny of nations, especially at the moment of emerging from a crisis such as the world has just experi- enced. Itis also one of those economic problems the solu- tion of which modern theory may help forward by contri- buting some scientific data. It is important, therefore, to define what such data are and in the first place to throw overboard certain prejudices which arise from a misunderstanding of the very idea of stability, The phenomenon of the exchange, when we consider it together with all the complex of actions and reactions which accompany it, fills such a large place among the facts which lie within the field of an economist’s observation that certain economists consider it as a neces- sary phenomenon and call it “natural,” as though it were one which it is not within our power to prevent, even in an extreme form; they assume that it is the result of a whole complex of circumstances due to the unconscious action rather than to the deliberate will of man, and that it has the peculiar virtue of counteracting its own excesses but cannot be restrained by public authority, except perhaps by an indirect and slow influence over the numerous factors which determine it. We have already seen from numerous examples that it would be too optimistic to rely on the regularising factors which emerge from a study of exchanges to the extent of assuming that the very fluctuations of the exchange are always effective as a regulating agency. On the other hand we have observed that a policy of regulating the exchanges deliberately and over long periods has been successful in various countries. But our analysis of the problem must go much further. Coming back, therefore, to the elementary mechanism of the exchange as we have come to know it in actual business or in reading technical works, we observe that it is essentially a process of clearing as between two markets, which is effected by means of the negotiation of bills of exchange. The object of this method is simply zo avoid the transport of bullion or specie whenever a payment has

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