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

82 MODERN MONETARY SYSTEMS stances 1, had followed a general course in 1920,2 and by the middle of that year the internal depreciation of the currency seemed to have nearly equalled its external depreciation. In 1921 Englis, the Finance Minister, attempted to recover the mastery of the exchanges which had been lost with the fall of Rasin. At least in October of that year, at the time when a new collapse in the mark was taking place, all connection between the Czech and German currencies had disappeared, the former taking a definite turn towards a rise. It should be observed that #his recovery took place at the very time when the notes circulation, still legally limited but expanding with the volume of commercial bills, reached its highest point and exceeded by 4 milliards the amount of the notes in circulation before the reform. The explanation of this recovery lies, however, in a conjunction of favourable circumstances, partly political, which revived confidence abroad, e.g., the successful mobilisation at the time of the attempt to restore the ex-Emperor Charles to the throne of Hungary, and the evident return to social and financial order. To these were added certain economic circumstances, in particular the existence of a large export surplus which enabled the Banking Office to accumulate a large stock of foreign currencies and even a considerable amount of gold and silver coin and bullion, and to intervene more or less effectively on the exchange market.? The possibility of stabilisation might have been con- templated at this stage. But Rasin returned to power 1 Through the American supply service an ample quantity of foodstuffs had been procured, the rate being 18 crowns to the dollar; ultimately, when Rasin was first in office, the exchange had greatly improved. 2 See table showing 28 commodities published by the Czech Ministry of Food and reproduced in the above-quoted work of M. Piot, p. 143. See also Rasin, 0p. cit., p. 69, and Rist, “La déflation en pratique,” p. 94 ¢t seq. 8 The stock of foreign currencies had reached 783 million crowns on June 30th, 1921, as compared with 14 millions in December 1919, and the gold and silver coin and bullion amounted to 555 millions at the same date. It may be added that, as the mark progressively depreciated, German and Austrian exporters asked of their own accord to be paid in crowns by the Czech purchasers, and with the accumulation of crown deposits a favourable element was added to the Czech balance of payments. Thus the recovery

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