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

THE MONETARY CRISIS § 3. Exchange policy in Germany and Austria during the War ; the Exchange Control Offices (Centrales de Dewises). In the case of Germany and her Allies, the exchange crisis, beginning with the disappearance of the export gold point, declared itself earlier, i.e., at the outbreak of the war, and took a more serious form. By the end of 1914 the mark was losing 109%, and the Austrian crown 169, on Geneva, while francs and sterling stood slightly above par. After remaining fairly stable for some months with a loss of 129, the mark fell from November 1915 onwards until it had lost 209%, early in 1916. After a respite it lost 349, by the end of that year, and 509, by the middle of 1917. Finally, after a sharp recovery at the time of the Russian armistice, the loss stood only at 30%, then once more reached 46%, and was back at 409%, on the day of the general armistice. The Austrian crown described a nearly parallel curve 15 points lower. On the whole, except for a sharp recovery in the mark and in the Austrian crown at the cessation of hostilities with Russia, the exchanges of the Central Powers had suffered almost continuous depreciation from the out- break of war until the armistice with the Western Allies, when they recovered for a short time. But from 1915 in the case of France and Italy, and from 1917 in the case of the Allies as a whole, the depreciation was nearly as continuous. The essential difference between the two curves of exchange rates—that of the Central Powers and that of the Western Allies—lies in the fact that the former shows on the whole a much greater depreciation. After 1916 the mark lost about 109, more than the French franc, and nearly 309, in 1917. It is true that this difference was much reduced as a result of the rise in marks at the beginning of 1918, and never exceeded 159, during that year. The difference in average depreciation during the period of hostilities is explained by the difficulty Germany [9 ¢ Ava

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