Modern monetary systems

Bibliographic data

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

58 MODERN MONETARY SYSTEMS par and even stood at a premium on the Geneva market with regard to the Swiss franc,! and sterling, after a fall at the end of 1919, had also recovered. The French franc and Italian lira, on the contrary, fluctuated for a long time, their curves being nearly parallel, and soon depreciated to a point unknown during the whole war. In 1919 the franc was quoted at Geneva with a loss of more than 50%, at the beginning of the year, and through- out that year its depreciation remained between 509, and 60%,, while the Italian lira fluctuated round about 109%, or 15%, less than the franc and sometimes even lower. Hence, in relation to the dollar, which had again become the typical currency freely exported and imported and circulating at par, the franc depreciated by as much as 70%, in 1920. It is well known that after numerous fluctuations it has ended by losing much more still. For the dollar has been quoted in Paris at 28-13 francs (the par of exchange being 5-18), and sterling, which has nearly reached par, has risen at the moment of writing to 120 francs (maximum of March 10th, 1924). But even so, the depreciation of the French franc is very small compared with that which occurred in allied countries in Central Europe, whose currencies in turn fell heavily in relation to the French franc. In 1923 the Roumanian leu remained for a long time at about 8 cen- times, after having fallen still lower, and finally rose above 10 centimes ; and the Polish exchange suffered infinitely greater depreciation. The exchange curves of the defeated countries were at first, in 1919 and 1920, approximately parallel to those of the French and Italian exchanges ; the crown depreciated by more than 959%, at Geneva, and the mark by more than 909, at the end of 1919, and remained at the same level throughout 1920 and even at the beginning of 1921. But a fresh fall occurred after the Schedule of Payments 1 Tt should not be forgotten that in most countries gold cannot even yet be freely exported; this explains why exchange fluctuations, going far beyond the gold points, should have persisted even in countries with a gold circulation.

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