International trade

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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

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Document type:: Monograph

Structure type:: Chapter

Title:: Part III. International trade under inconvertible paper

Collection:: Economics Books

CHAPTER 28 SPECULATION, PEGGING, THE GoLD EXCHANGE STANDARD WHAT has been so far said needs to be qualified and amplified by a consideration of the short-period movements of dislocated exchanges. Something in this direction has already been done in the preceding chapters. Tho these were concerned mainly with long-period results, they dealt also with some transition phenomena of short or of moderate duration. Still other phenomena of similar character will now be examined. Partly they are inevitable incidents of a transition from one stage of equilibrium to another, and in that sense are normal ; partly they are of irregular character, not evineing any underlying trend. The reader should bear in mind that the discussion is still con- fined to conditions relatively stable; that is, it proceeds on the assumption that the currency amounts are fixed. The conse- quences which arise from an increase or decrease in the quantity of paper are still ruled out, it being important, I am convinced, to distinguish between the consequences of the mere fact of dislocated exchanges and those which result from increase or decrease of the currency. First, speculative dealings. In the case of dislocated exchanges and especially paper exchange, these are of much greater impor- tance than under gold exchanges, and have very different effects. Between gold countries the fluctuations in the rates of exchange are restricted within the narrow limits of the gold points. The ups and downs cannot in any event be great. And this very circum- stance brings it about that usually they are not rapid. The pur- chases and sales are made chiefly by a small knot of bankers and brokers, professional dealers who are conversant with the general course of the market, experienced in its movements, well- 374

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