CONTENTS
§ 2. Imitations of the Monetary Reform in India.
§ 3. Similar Monetary Reforms in various countries with paper
currencies.
§ 4. Comparison between the Conversion Office in the Argentine
and the “ Gold Exchange Standard’ in the Far East.
Identical principles and same essential conditions in the
working of new methods as in the traditional system of
the gold standard.
§ 5. Monetary Reform in Austria-Hungary,
§ 6. Results of Monetary Reforms, Stable Exchanges almost
universally restored at the beginning of the 20th century
on a gold basis.
CHAPTER V
TE MonETARY Crisis SINCE THE War oF 1914
§ 1. Consequence of the world-war from the monetary point of
view. Inconvertibility of currencies. General dis-
appearance of free export, and in some cases of free
import, of gold. Disappearance of gold points and
instability of exchanges.
§ 2. The Exchange policy of the Allies during the War. Union
of sterling and francs with the United States dollar.
§ 3. Exchange policy in Germany and Austria during the War;
the Exchange Control Offices (Centrales de Devises).
§ 4. Aggravation of the Exchange Crisis after the War.
§ 5. Causes of the aggravation of the crisis in the Allied
countries.
§ 6. The Monetary Crisis in Germany and its characteristics.
Prices follow the exchange but are fairly independent of
the note issue.
§ 7. General characteristics and result of the world crisis in
the exchanges after the War. Fundamental importance
of price movements following instability of the exchanges.
§ 8. Attempts to overcome difficulties due to unstable ex-
changes and prices in countries with heavily depre-
ciated currencies.
§ 9. Efforts to re-establish normal exchanges. England’s
traditional policy.
§ 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
1923 results, in practice, from convertibility.
§ 11. Currency reform in Austria. Return to normal ex-
changes by the effective use of the Gold Exchange
Standard. Fairly stable prices emerge from stable
exchanges in spite of an enormous increase in the
fiduciary circulation.
§ 12. Conclusions regarding the present exchange crisis.
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