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

79 MODERN MONETARY SYSTEMS exchange crisis continues, especially in Europe, and has often become more serious and threatening. But the results obtained in three countries—England, Czecho- slovakia and Austria—under different circumstances and by different methods, should be particularly noted. The English exchange, which had on the whole been little affected during the war, thanks to the timely help of the United States, had suddenly begun to fluctuate at the beginning of 1919 when the American credits were with- drawn. For a short time at the end of 1920 it suffered considerable depreciation, the dollar rate falling to a little less than 3-50 in London. But on an average for 1920 and 1921 the dollar did not stand in London at a premium of more than 309, and the internal depreciation of the currency as measured by the cost of living (retail prices) never went beyond the index of 265, which it reached for only a very short period, also in 1920. On the whole, Great Britain experienced only slight depreciation both at home and in the foreign exchanges, and she sought the remedy in both cases, particularly the former, in her traditional policy which was formulated at the end of the hostilities by the Commitee on Currencies and Foreign Exchanges after the War, under the chairmanship of Lord Cunliffe, the Governor of the Bank of England. It was thought that the appropriate method of restoring its “normal” (i.e., the previous) purchasing power to sterling and of rectifying the exchange was to put an end to in- flation and to “deflate,” and that this result could be obtained by balancing the Budget, and reducing and con- solidating the floating debt, so that the State would no longer have to have recourse to further issues of currency notes. This policy, clearly formulated at the close of hostilities, was not immediately carried out, and the note issue rose from 391-1 million pounds at the end of 1918 to 481-8 millions in 1920; meanwhile, the Budget still showed a deficit. But, as is well known, an exceedingly vigorous policy of taxation produced a magnificent surplus in the 1920-1921 Budget, and it was possible to begin to

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