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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Modern monetary systems and their operation

Collection:: Economics Books

76 MODERN MONETARY SYSTEMS improvement in the general balance of payments, and even a rise in the exchange, which may be independent of the state of the balance of payments. Indeed it was to be normally expected that the rise in prices accompanying the revival of production after the war would sooner or later end in a crisis and in a fall in prices; at the same time it was normally to be expected that exports would revive after the removal of the restrictions of the war period, when freedom of communications had been re- established and markets had again been thrown open. Finally, it was normally to be expected that the splendid fiscal efforts of Great Britain should inspire the greatest confidence abroad, and thus make it easier to open new foreign credits or renew old ones, and to induce specu- lators to take a favourable view. And so it is perhaps some such psychological factor which must be considered as the essential connecting link berween these events which, incidentally, one is not surprised to find coinciding. The British exchange, a prey to speculation like every other exchange once it has jumped the physical barriers of the gold points, did not fail to profit by the vigorous and courageous policy of the British Government; of that policy deflation properly so-called, which in 1920 had only been projected in outline, was merely a secondary manifestation. Nevertheless the British exchange is on the whole still unstable. § 10. Experiment in Czechoslovakia, based on the classical principles, produces at first a rise but not a stabilisation of the exchanges; a rise in prices takes place in spite of a contraction of the currency. Stabilisation attained in 192 3 results, in practice, from convertibility. Among the few countries where a systematic attempt was made to reform the monetary system, Czechoslovakia deserves particular study. In this country, peculiar in that it is governed chiefly by university professors and “intel- lectuals,” the Finance Minister, M. Rasin, devoted him- self as soon as he came into power to establishing a sound

Access restriction

Copyright

fullscreen: Modern monetary systems

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation