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

46 MODERN MONETARY SYSTEMS playing the double 74/¢ of the Exchange Office at Manilla, which supplied drafts on New York at a fixed rate, and of the Conversion Office in the Argentine, which accepted and supplied gold for international payments. This last example finally demonstrates how, by a series of changes in method, the traditional gold-standard 7égime evolved into the more modern systems which secure for national fiduciary currencies stable exchanges based on gold, the standard and instrument for international pay- ments. § 6. Results of Monetary Reforms. Stable Exchanges almost universally restored at the beginning of the 20th century on a gold basis. Thus during the last years of the 19th, and the opening years of the 20th century, most countries had successfully overcome the monetary difficulties which had resulted in the first place from putting fiduciary currencies into circulation, and, secondly, from the abolition of Bime- tallism and the disappearance of a fixed exchange ratio between gold and silver. The practice of contracting foreign loans, which had become very common at this time, had furthered a new distribution of the existing stocks of gold, whereas in many cases the adoption of the gold reserve system had enabled the countries concerned to put the small stocks of metal which they had at their disposal to the best use, and to place their exchanges on a gold basis. Under this system international monetary relations were likely to remain stable in normal times, or rather in times of peace, even in the event of a crisis. For any country having at its disposal an internal convertible currency, and machinery for conversion well established either by law or custom, could always restore equilibrium by means of a foreign loan if the Trade Balance showed a deficit over too long a period. New gold-producing 1 The Austro-Hungarian Bank, by undertaking to collect the foreign loans, managed to meet its obligations even in times of difficulty.

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