International trade

Bibliographic data

Monograph

Identifikator:: 1758394757

URN:: urn:nbn:de:zbw-retromon-136209

Document type:: Monograph

Author:: Taussig, Frank William http://d-nb.info/gnd/120199459

Title:: International trade

Place of publication:: New York, NY

Publisher:: Macmillan

Year of publication:: 1927

Scope:: XXI, 425 Seiten; graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part III. International trade under inconvertible paper

Collection:: Economics Books

DISLOCATED EXCHANGES FURTHER CONSIDERED 369 steady rate — is likely to advance in one year, to falter or sink in another. Unmistakable as are the immediate consequences of the fluctuations in supply on the exchanges and on prices, the ulterior effects are usually obscure. Almost invariably they are interwoven with the effects of other factors, most of all with those of changes in the monetary policy and the monetary conditions of the country having paper currency. Even tho the immediate effects of crop fluctuations on the foreign exchanges in such a country are plain enough, the ulterior consequences of sustained changes in supply are in this sort of case, asin so many that stir the curiosity of the speculative economist, concealed in the disordered and confusing march of events. I turn now to another problem, that of silver exchange. If one country has a gold standard, another a silver standard, the situa- tion obviously is also that of dislocated exchanges. Gold can not flow as money from the gold-standard country into the silver- standard country. It can flow only as bullion, like any other commodity; and its transfer cannot affect prices in the silver country. Conversely silver can flow only as bullion into the gold country. Such was the situation as regards international pay- ments and the foreign exchanges in the trade of Great Britain and most of Western Europe with the Orient after the demonetization of silver in 1873. It remained so for the trade with British India until the cessation of the free coinage of rupees in 1893, and for the trade with Japan until Japan adopted the gold standard in 1897. It still persists (1925) for the trade of the gold standard countries with China. In this case we must have regard to a factor different from those hitherto considered. The money of each of the trading countries, while not available in other countries as money, is yet available as bullion, i.e. as merchandise. Paper money cannot move at all from the country in which it circulates. Silver, how- ever, is a commodity valuable in itself, and can move from the silver country into the gold country; and of course it can move from the gold country to the silver country. Gold likewise can

Access restriction

Copyright

fullscreen: International trade

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation