Grundzüge der Theorie der Statistik

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Monograph

Identifikator:: 1782637850

URN:: urn:nbn:de:zbw-retromon-178813

Document type:: Monograph

Author:: Westergaard, Harald http://d-nb.info/gnd/117574163; Nybølle, Hans Cl. http://d-nb.info/gnd/127386696

Title:: Grundzüge der Theorie der Statistik

Edition:: 2., völlig umgearb. Aufl.

Place of publication:: Jena

Publisher:: G. Fischer

Year of publication:: 1928

Scope:: 640 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: VII. Kapitel. Abgeleitete statistische Ausdrücke

Collection:: Economics Books

218 MODERN MONETARY SYSTEMS to international payments in countries with a gold circula- tion the objections to the system of the gold reserve still arise from a misunderstanding of the conditions in which the latter works. In the first place, it must be pointed out that the gold points are determined under this system in exactly thesame wayas under the old system with a gold cir- culation—whether actual gold be supplied with a view to export, or whether the institution entrusted with the duty of conversion issues bills payable in gold. For in the latter case the bills are issued at a rate corresponding to the fixed parity after deducting the cost of sending gold.r ‘Therefore in so far as the small exchange fluctuations which can occur within the gold points can exercise any regulating influence on international trade, that influence has its full scope. On the other hand, the mechanism of conversion, which is usually adopted in countries with a gold reserve, also implies variations in the volume of currency required for the purpose of making international payments which are exactly similar to those variations which would occur if yellow metal were taken out of circulation and transported. For the coin which is deposited in order toobtain foreign bills, when the trade balance shows a deficit, is withdrawn from circula- tion. On the other hand, new coins or new notes are put into circulation in exchange for bills drawn on the country with a gold reserve when the balance of payments is posi- tive. In our opinion all that precedes has shown that slight variations in the volume of currency have no appreciable influence on the working of the system.? At any rate, the method adopted by countries with a gold exchange stand- ard is important, because it demonstrates the following facts: this monetary system, based on principles absolutely identical with those of the former #égime of the gold standard, can also work successfully in precisely the same conditions. If the latter has the merit of bringing inter- national trade back to equilibrium, the same phenomenon 1 See above, in particular the passages relating to the exchange offices in Manilla, the Straits Settlements and British India. 2 See also Ansiaux, “Principes de la Politique Régulatrice des Changes,” Brussels, 1919, p. 257.

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