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

54 MODERN MONETARY SYSTEMS manipulating the exchange market, played a part similar to that of a Conversion Office and obtained much the same results. Thus, in spite of an enormous deficit in the Trade Balance, which had been very little reduced by strict limitation in the freedom of import and by the arrangement between the Allies to make foreign purchases in common,! the fall in the Allied exchanges had been arrested with the help of the United States at the moment when it was in danger of becoming more rapid. The fluctuations of the opening phase gave place to a long period of stability in relation to the dollar. The latter, it is true, had to bear the burden of the arbitrage, by means of which it was used for payments to neutrals ; it fell promptly and soon stood lower than the franc had stood earlier in the war. Nevertheless, even in relation to neutral exchanges, its depreciation was restricted during the entire period of hostilities within limits which now seem fairly narrow; for the loss on exchange of the dollar did not exceed 2419, in relation to the Swiss franc shortly before the end of hostilities (June—August 1918). After America’s entry, sterling hardly lost more than 29, the French franc 69, in relation to the dollar. During the entire war- period the maximum loss on exchange of the French franc was about 10%, with regard to sterling, 129, with regard to the dollar, 309, with regard to the Swiss franc and the Dutch florin, and 45%, with regard to the Swedish crown. The Italian lira did not fall by more than 609, with regard to the Swiss franc during the last and severest phase of the war. The rouble alone, being insufficiently supported on the Allied markets, followed up to the middle of 1917 a course approximating to that of the Austrian crown, which it then overtook, ultimately losing as much as 809%, on the Geneva market. 1 The surplus exports of the United States, almost entirely sent to the European belligerents, have been estimated at more than 7 milliard dollars for the years 1917 and 1918 alone. The surplus imports of France during the war have been estimated at 70 milliard francs, but were partly counterbalanced by the disbursements of the Allied armies, and partly paid for by the sale of securities.

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