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 51 Trade Balance and partly by the expenditure of foreign tourists. But in spite of several recoveries, particularly between May 1921 and May 1922, the French exchange in 1923 and 1924 dropped to the lowest point it had ever reached. This aggravation of the exchange crisis in France does not appear to have been directly caused by economic factors. For the recovery of foreign trade, stimulated by a satis- factory relation between internal and external prices, was followed by a serious attempt to balance the Budget. The note issue, which had indeed risen from 30-§ milliards in the middle of November 1918 to just over 39-5 milliards in November 1920, has since been reduced to about 37 milliards. Therefore the economic and financial factors on which speculators habitually form their judgment of the future were not such as to explain an increase in the depreciation of the franc. It becomes more and more apparent that speculators were influenced by political con- siderations. In 1920 they paid particular attention to the attitude of the American Government and to any indica- tions of its intentions to suspend or resume financial assistance to Europe. Until the beginning of 1920, the hope which was long entertained that official credits would again be opened seems to have partly counterbalanced such influence as a prolonged deficit in the Trade Balance, a persistent rise in prices, and the great uncertainty in the Budget position may have had on the French exchange. Later speculation appears to have discounted the pay- ment of reparation. For the French exchange improved considerably, the dollar falling from 13-84 francs to 11-97 francs (monthly averages for April and May 1921), whereas the German exchange fell correspondingly. Speculation was then guided by the alternating agree- ments and disagreements between the former Allies, which were reflected in alternating confidence and mis- trust regarding the settlement of the international obliga- tions arising out of reparation and interallied indebted- ness. It was the significance given to political events by international speculators, especially in London and New 1’ v

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