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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Modern monetary systems and their operation

Collection:: Economics Books

52 MODERN MONETARY SYSTEMS the aggravation of the crisis which has since showed itself ; the phenomena to which it has given rise, and, lastly, the first efforts made with a view to returning to a less abnormal state of affairs. § 2. The exchange policy of the Allies during the War. Union of sterling and francs with the United States dollar. In spite of the serious world-wide disturbance in economic life due to the dislocation of trade and of production and consumption during the war, this was not the period in which the exchange crisis was most acute 1n many countries. On the side of the Allies, the principle of pooling re- sources had been applied to finance; the exchange crisis was considerably lessened through the credits opened by those belligerents which were less injured economically and financially, as also by means of agreements with certain neutrals. France granted loans to her continental allies; England in turn opened credits for her (April 1916). Thus the franc, which had lost ground much more quickly than sterling after April 1915, followed a nearly parallel course from April 1916 onwards. France and England also provided all their allies with liquid assets abroad in large amounts by exporting a small portion of their stock of gold and above all by progres- sively disposing of the enormous holdings of foreign securities of their capitalists.! Later they obtained credits in the United States, first from the banks, then, after the entry of America into the war, from the American Treasury. Finally, large credits were granted by certain neutrals for the purchase of supplies. In particular, a 1 Every effort was made to induce their nationals to place foreign securities at the disposal of the Governments. Measures were taken to this end by the British Government at the end of 1915, and by the French Government early in 1916 (notice in the Journal officiel of May 5th, 1916). Measures were also taken which have not yet been entirely abolished, particularly in France, to prevent the export of capital for the purchase of foreign securities or for any unauthorised purpose (law of April 3rd, 1918, still in force owing to successive prorogations).

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