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

CHAPIER V THE - MONETARY CRISIS SINCE THE WAR OF IQI4 § 1. Consequences of the world-war from the monetary point of view. Inconvertibility of currencies. General dis- appearance of free export, and in some cases of free import, of gold. Disappearance of gold points and instability of exchanges. Tue war of 1914-1918 resulted in a general monetary crisis. As in the preceding chapter, no attempt will be made to examine the monetary problems of each country in turn. But it will be possible to outline the chief features of this period of general crisis, and to illustrate them by a few examples. The Great War not only affected the monetary systems of the belligerent countries ; it also affected many neutrals, even among the more distant; and it has culminated in a state of general exchange instability which directly or indirectly concerns the whole world. The beginning of hostilities caused many other countries besides the belligerents to give forced currency to the note issue either officially or in some disguised form, and to prohibit the export of gold. In most cases, this step was taken at once even in countries more or less distant from the seat of war, such as Scandinavia, the Argentine and Brazil, where the Conversion Offices were relieved of the obligation to give gold in exchange for notes. Even in most countries where notes have again become redeemable at home, e.g. Switzerland, the export prohibition has survived to this day, and thus the convertibility of paper can have no effect upon the exchange position. It is clear that wherever it was imposed the prohibition to export gold necessarily brought about the disappear- ance of the export gold points, and this made it possible for 47 0

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