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

RECOVERY OF THE EXCHANGES 47 countries paid at this time the dividends due on capital lent by the Old World in the form of shipments of yellow metal to Europe. The majority of the older countries, enriched by centuries of trade and foreign investment, found themselves each year with a favourable balance partly in the form of imports of gold. A part of this balance was wiped out, however, by foreign loans to less developed countries, which often had a deficit in their Trade Balance and used this method to balance their accounts with foreign countries and get together a new stock of metal. But it must be remembered that the monetary stock of any one country only contained a small proportion of gold, which was the only really international currency ; a general dislocation of international Exchanges was bound there- fore to create monetary disturbances which could only have been avoided by making the entire circulation of money international.

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