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 I. Modern monetary systems and their operation

Collection:: Economics Books

30 MODERN MONETARY SYSTEMS depreciation of silver, but, given the state of trade balances be- tween gold- and sifver-standard countries, it was bound to produce a fall, not, as the bimetallists contended, as a result of a restricted market, but because of the disappearance of the former minimum created by the admission to free coinage in double-standard countries. The fall between 1867 and 1872 and the depreciation which began in 1873 are therefore distinct phenomena ; the former took place under the influence of settlements between monometallist gold- and silver-standard coun- tries within the limits maintained throughout the period of Bimetallism by the convertibility of one metal into the other. On the other hand, the depreciation of silver which began in 1873 is a new phenomenon, which was no doubt partly due to the state of trade balances between gold and silver standard countries, but which can only be fully accounted for by the radical change in the silver market caused by the suppression of free coinage.

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