International Monetary Economics
Index
Adjustment, mechanisms of (Balance of Payments)—
and exchange control, 238
and exchange fluctuations, 157, 226
and exchange funds, 248–251
under exchange standards, 206
under fixed parities, 147–56, 194
under free paper currencies, 146–7, 220
under gold exchange standard, 211
under gold standard, 76, 181, 183, 189, 192, 201–2, 206
various “models,” 143–4
Adjustment, Theory of Automatic, 153–6
Aftalion, Prof. Albert, 111n., 135n., 141n., 147n.
on balance of payments, 84–5, 112n.
on foreign-exchange quotations, 106n.
on psychological theory of foreign exchanges, 114n.
America, see United States of America
Amortization, 88, 95
Angell, Prof. J. W., 80n.
on equilibrium in international payments, 143, 151, 153
Arbitrage, 107, 110, 131–2, 194, 231, 233n., 241
Autarchy, 12, 227, 244–5, 254
Autonomy, Economic, 225, National monetary, 228–37, 244, 248n., 254–6
Ayres, Colonel, 261n.
“Balance of accounts” (Aftalion), 84–5
Balance of Payments—
and balance of trade, 130–1
capital movements, 91–7
Deficit and surplus in, 122–4, 154, 157–8, 203–4
definition and fundamentals, 79–86
Equilibrium of, 11, 14, 75, 107–8, 122–4, 128–9, 137, 139–40, 153
and foreign exchange rates, 110–112, 117–18, 136, 157–8, 200
gold movements, 148, 195
Interdependence within, 101–3
International and inter-regional, 9
and international relations, 142–3
and maldistribution of gold, 71, 75–6
mechanisms of adjustment, see adjustment
and monetary internationalism, 78
“passive,” 9
short-term funds, movements of, 97–101
and sovereign states, 8–10
and theory of foreign exchanges, 104, 107
and theory of re-equilibrium, 160–2
Trade in commodities and services, 89–91
transactions, classification of, 86–9
and transfer problem, 165n.
see also Balance of Trade, International Payments
Balance of Payments Theory, see Foreign Exchange Theories
Balance of Trade, 90, 129–30, 152, 157, 162, 166, 170, 173; see also Balance of Payments
Bank, Central—
Bank rate policy, 148–9, 152n., 159, 164–7
and convertibility, 185
discretionary powers, 25, 27, 69, 218
and exchange control, 238–40
and exchange funds, see Exchange Funds
and free paper currencies, 218–24
and gold, price of, 28n., 118–19, 176, 178, 183, 188
gold cover, 17, 19, 27, 51–2, 69–70
and gold exchange standard, 210–8
and gold flights, 164, 192n.
and gold problem, 75
gold reserves, 26, 53, 73n., 181n., 187
international co-operation of, 183
and international gold clearing, 198–9
and monetary parities, 203, 206, 209–10
and national policy, 5
Policies of, 46, 48, 50, 132, 185
and pre-war gold standard (Cassel), 45
World central bank, 4
Bank of England, 204–5, 207
Bank for International Settlements, 199, 202, 204n., 212 256, 257
Bank money, 16, 28, 30, 52, 69–70, 77–8, 104, 106, 163, 216
central, 30
Bank notes, 16–17, 19–20, 25–6, 42, 50–2, 69, 77–8, 119, 164, 176, 213
Convertibility of, 185–8
under gold exchange standard, 210
Bank Rate—
and credit policy, 164–7
and exchange rates, 159
as instrument of equilibrium, 148–9
and interest rate, 232
and investment equilibrium, 231–3
and minimum reserves, 186
and monetary circulation, 47, 156
and price level, 50
Bank transfers 105–6
Banking Facilities, 36
Banks, Joint Stock, and Commercial—
cash holding, 27, 30, 50
and creation of deposits, 27–8, 51
and gold exchange standard, 213
minimum reserves, 69–70
and regional supply of money, 9
reserves of central bank notes, 186
Bastable, C. F., on balance of payments, 153
Baudin, L., 117n.
Beach, W. E., 159n.
Belgium and Tripartite Agreement, 253n.
Beyen, Dr. J. W. 141n.
Bills of exchange, 106
Bimetallic Standard, 67n.
Blocked accounts, 241
Bonds, 94, 96
Bowley, A. L., 261n.
Bremen, 67n.
Bridgman, Prof., and “operational concepts”, 77n.
Brown, W. A. (Jr.), 190n.
Budget, balancing and confidence, 137–8
Bullion, 159 see also Gold
Business cycle, 14, 33–4, 45, 54, 57, 93, 171, 225, 230, 233–5, 254–5
Capital—and balance of payments, 86, 90, 96–7, 102
flights, 232
investment, 96, 232
issues, 95
items, 87–8, 95n.
market, 232
Monetary, 87, 92, 97
Movements of, in balance of payments, 79, 84, 86–9, 91–7, 101, 103, 105, 113, 116, 118, 123–4, 161–2, 165
in business cycle, 45
and monetary parities, 135, 137, 140, 158 see also Short-term, and Long-term, Funds
Real 92
and safety, 100, 105, 113
and short-term funds, 94, 232
Supply of, 24, 232
Cartel, 201
Cassel, Prof. Gustav, 49, 66n., 67–70
contributions to Economic Theory, 40–1
on gold standard and quantity of money, 25n.
on pre-war gold standard, 45, 48
Theory of monetary parities, 114, 128–36
Theory of relations between gold and prices, 32–51, 53, 60, 63–5
diagrams, 35
increase of world gold stock, 33, 36, 42, 44
industrial and agricultural development, 34, 36, 39
price level in Britain, 43n.
Chatham House, 67n., 73n.
Cheap Money, 235–6, 254
Cheques, 16–17, 20, 36, 42, 51–2
Circulating medium, volume of, 24–5
Clare, George, 110n.
Clearing House, 199
Coates, Dr. W. H., 73n.
Commodities, composite, 263, 264n.
Commodity money, 16
Commodity prices, 111
Commodity Standard, 16–17, 127–8, 177, 179
see also Monetary Standard
Confidence, 93, 99–100, 105, 130, 137–8, 140, 162, 166, 172–4, 182, 185, 233n., 249
Contraband, 89n.
Convertibility, 50, 176, 178, 180, 185
Co-operation, international, 147, 174, 202, 221–3, 227, 235–6, 245, 253, 255–6
Credit—
and balance of payments, 10, 81, 89, 93, 155–8, 166–9, 173
commercial, 88, 97–8
convertibility into gold, 50
Development of, 67n.
under gold standard, 213
letters of, 98n. organization, 92
policy, 163–4, 233
under simple specie currency, 151–3
and volume of circulating medium, 50–1, 59, 187
Credit, long-term, 82, 125, 150, 165, 173, 226, 235, 249
short-term, 79n., 82, 107, 118, 124–5, 135, 150–1, 165, 167, 172, 210, 213
Crump, Norman, 110n.
on exchange account, 251–2
Currency—
Bimetallic, 67n.
debasement, 8n.
depreciation, 234–5, 245, 256
Free paper, 146, 168, 218–24, 226n., 251
definition, 218
parities under, 222–4
Gold, 16, 18–20, 28, 47, 52, 58, 78, 104, 145, 152, 158n., 176, 178
Gold Standard, 15–18, 21, 28, 30, 70, 104, 146, 176–7
Inconvertible, 173
“Independent,” 12
“Managed,” 1, 28, 45, 73, 209, 210
Movements of, 10, 11
“Overvalued,” 23, 139
Paper, 17, 104, 121, 163, 176, 178
Simple specie, 149n., 151–2, 156, 158, 163
standard—see Monetary Standard
and “Standard Scheme,” 88
systems and monetary internationalism 175–224
“Undervalued,” 23, 139
see also Gold Standard, Exchange Standards
Currency-issuing authority’s powers, 16
Cyclical fluctuations, 54, 57, 255 see also Business cycle
Dawes Plan, 262n.
Debasement, 8n.
Deficits (in international payments), 83, 85
Deflation, 14, 64, 68, 71, 121, 145, 147, 171, 183, 196–7
Deposits—
Demand, 17, 25–7, 30, 50, 52, 93, 97–9, 213
Short-term, 98–9, 123
Devaluation, 21–2, 100, 123, 138, 143, 168, 190, 191
Discount Rate—see Bank Rate
Dissaving, 93, 96
Dividends, 86, 88, 95, 97
Dollar (U.S.A.), 56–7, 190–1
Economic progress, rate of—
Cassel on, 36–40
Index of, 78
Economic system and statistical methods, 260
Einzig, Paul, 109n., 110n.
on exchange control, 237
Ellis, Prof. H. S. on equilibrium rate of exchange, 136n.
Employment, 235
England—balance of payments, 103n.
clearing system, 199
currency revaluation (1925), 138, 236
Exchange Equalization Account, 137 245, 252
financial position (1925–31), 197
gold stocks, 43
monetary system (after 1931), 197, 209
and pre-war gold standard, 196
price level, 42–3
and sterling standard, 204
and Tripartite Agreement, 253n.
Exchange Control—defined, 237–8
administrative measures, 238–45
and capital flights, 173
and Exchange Funds, 246–7, 249
and Exchange Instability, 227–8
governmental powers, 238–42
and State Socialism, 242–5
Exchange Equalization Account, 137n., 245, 252
Exchange Equalization Fund, 227–8
Exchange Funds, 245–53
described, 246
and Central Banks, 248, 252–3
and monetary internationalism, 248–51
and monetary nationalism, 248, 251–3
secrecy, 247–8
Exchange management, 209–10
Exchange rates—and balance of payments, 10–11, 85, 101, 142–3, 171
Equilibrium, 140, 157–8, 221
and exchange control, 238, 241–2, 246
Flexible, 168–9, 202, 226, 252, 256
Fluctuating, 10–13, 156–60, 200–3, 205, 219–23, 226–9, 233, 246, 250, 252, 255–6
as instrument of re-equilibrium, 156–9, 167–8
under international gold standard, 179–80, 186
and monetary parities, 126, 128n., 131–2, 135, 140
and price movements, 22–3, 131–2, 135, 194, 196, 229
Stability of, 11–12, 143–4, 205, 219–20, 226, 229
and Theories of Foreign Exchanges, 107–25
World, 110
Exchange restrictions, 122, 123n.
Exchange Stabilization Fund—see Exchange Funds
Exchange Standards, 203–10, 218, 223n.
characteristics, 203–4
Convertibility under, 203
and exchange management, 209–10
and international co-operation, 208
monetary reserves, 203–4, 207
and stable exchanges, 205–7
Exchanges, Foreign—
Equilibrium in, 107–8
Goschen on, 104–5
and monetary management, 209–10
Exchanges, Foreign, Theories of, 104–25
Balance of Payments Theory, 111–12, 115
Psychological Theory, 111–14
Purchasing power of money Theory, 111, 114–18, 121, 124, 133
Exchanges, Forward, 109–110, 200
Exchanges Free, 235, 238, 245
Expansion, monetary, 14, 70, 75, 164, 171, 182, 195–7
Export Surplus, 102
Exports, Invisible, 89–90
Expropriation, 100, 242
Factors of production, 6, 10
Fiduciary issue, 26
Federal Reserve Bank, 9
Finance, International, 156, 158
London as centre of, 5
Fisher, Prof. Irving, 40n., 234n., 235n., 261n.
Foreign Exchange, demand and supply, 238–9
Foreign Exchange Markets, 80, 83–4, 86n., 106–7, 110, 112, 114–15, 117–19, 121–2, 126, 137n., 139, 143, 154, 156–7, 210, 238, 246, 250
under exchange control, 239–42
Foreign Exchange Quotations 106, 108, 110, 114, 122, 126, 146, 226
Foreign Exchanges—see Exchanges, Foreign
Foreign Loans, 216–17
Foreign Trade, see Trade, International
Forward Transactions, 107, 109–10, 114, 201
Franc (French), 136
France, 53–4, 56, 138n.
deflation (1933 to 1936), 197
Stabilization Fund, 245
and Tripartite Agreement, 253n.
Free Trade, 163, 254n.
Futures, see Forward Transactions
Gayer, Arthur D., 37n., 42n., 190n.
“General” Theory, 92
Genoa Conference (1922), 191, 214
Germany, 173n.
and reparations, 262n.
Gifts (money), 88–9, 95, 97
Gold—
Absorption of (Hawtrey), 67n.
Accumulations of, 183
Demand for, 45, 47 67n.
Demonetization of, 28 n„ 177
Distribution of, 70 (see also Maldistribution)
and Exchange Funds, 246
Imports and exports of, 45
in international payments, 84, 86, 88, 106n.
maldistribution (see Maldistribution)
in monetary internationalism, 15
as monetary standard—see Gold Standard
Place of, in monetary system, 15–31
Price of, 19, 21–3, 28–9, 44n., 51, 56–7, 60, 65, 71–2, 118–20, 145, 176–80, 182–3, 187–8, 190, 210–12, 222, 257
in relation to prices (Cassel and Rist), 15, 24, 27–78, 133
Production of, 44, 55, 58, 62–4, 183, 190
Purchasing power of, 17–18, 77
as defined by Gold Delegation, 19
and Quantity Theory, 47n.
Relative stock of (Cassel), 34, 41–2, 49
Scarcity of, 70–6, 191–2
Shipments of, 82, 112, 119–21, 152, 154, 180, 198–9
Sterilization of, 75, 183
Value of, 46–7
World stocks of, 74
Cassel on, 32–48
Rist on, 53
see also Gold Reserves
Gold bullion, 193
Gold Bullion Standard, 185, 189–91, 207, 217–18
Gold clearing standard, 198–202, 204–5, 207, 256–7
Gold coin, 7–8, 16, 20, 25–6, 199
Gold content, 8n.
Gold cover, 17, 148
Gold currency, 16, 25, 27
Gold Delegation Report, 19, 66n., 67n., 190n., 217n.
on Gold Exchange Standard, 216n.
Gold Economies, 74 75, 185, 189–90, 215, 217–18
Gold Embargo, 212
Gold Exchange Standard—
Development of, 210
Functioning of, 211–14
and gold economies, 190–1, 215–18
and monetary instability, 214–15, 218
Keynes on, 215
Gold Flows, see Gold Movements
Gold Movements, 70, 76, 84–6, 88, 101–3, 118, 122, 137, 145–6, 148, 151, 153–5, 159, 161, 164, 166, 168, 173, 179–80, 184–9, 192, 195, 197, 201, 204, 206, 210, 219, 223n., 226, 249
and Theory of Foreign Exchanges, 118–21
under Exchange control, 239
Gold Parity, 119
Gold Points, 120, 128n., 179, 200–2, 205, 231
Gold Price, 15–17, 20–4, 47, 57, 62, 64, 76–8, 268
definition, 76
level in France, 53–7
Rist on, 60–2, 76–7
Gold-price relationship, 66–78
Gold problem, the, 48, 66–78, 228
definition, 74
International, 72
Gold Reserves, 16, 28, 30, 67, 70, 73n., 187, 191, 205, 211–16, 226, 253
“Adequacy” of, 184–5
Increase of (Cassel on), 32–3, 37
and international payments, 180–2
Minimum, 185–6, 218
Normal (Cassel on), 34, 44
and note issue, 26–7, 69, 180–1, 183
and prices, 24, 32–6
Ratio of, 186–7
Revaluation of, 51
Value of, 28–9, 182
and vol. of circulating medium, 23–7, 30–1, 43, 70, 74–5, 145
of world, in 1850 and 1910 (Cassel), 33
Gold Standard—
definitions, 125, 175–6
in closed economy, 178
Convertibility under, 16, 176, 185
effects on price level (Cassel), 44–9, 64, 68–71
and exchange fluctuations, 179–180, 231
and exchange standards, 203, 205–6, 208–10
and exchange funds, 252
as a form of management, 104, 152–3
and free paper currencies, 218–19, 223
gold circulation, Rist on, 51–2, 59
and Gold Exchange Standard, 210–12, 215–18
and gold movements, 82, 101–3, 112n., 118–25, 137, 148, 159, 161, 173, 179–80, 206
and gold supply, 72–6, 78
inflation, 183
as international monetary system, 14–15, 22, 178, 180, 237n., 256
International significance of, 178–87
Monetary circulation under, 25
and monetary internationalism, 12–13, 15
“New Gold Standard,” 190–2
Pre-war, 2, 16, 45, 48, 166, 191, 196, 201–2
and price of gold, 177–8
and purchasing power of gold, 19–24, 32
and simple specie currency, 158n.
Suspension of, 28n.
Williams, J. H., on, 230
Gold Standard Act (1925), 20n.
Gold Supply—
and price movements, 32–78, 184
Cassel on, 32–48
Rist on, 48–65
Gold Values—
and paper values, 15, 23
Goschen, Viscount, on foreign Exchanges, 104–5
Graham, F. D., 160n.
Great Britain, see England
Great Depression, 61, 196
Gregory, Prof. T. E., 177, 190n., 193n.
on Central Bank gold policy, 192n.
on Central Bank and Exchange Fund, 252–3
on cheap money, 235–6
on Exchange Fund secrecy, 248n.
on gold supply, 73n.
on international gold standard, 178
on movements of funds, 248n.
Haberler, G., 80n., 261n., 265n.
Hague Agreements (1930), 199, 212n.
Hall, N. F., 245n.
on Exchange Fund secrecy, 248n.
Hardy, Charles O., 37n., 38n., 40–1, 42n.
Harrod, R. F., 154, 233n.
on currency depreciation 234–5
Hawtrey, R. G., 105 190n.
on absorption of gold, 67n., 74n.
on exchange standards, 208
Hayek, Prof. von, 5, 169n., 224n.
on gold reserves, 186
on independent currencies, 234n.
on monetary nationalism, 5–7
on movements of short-term funds, 200
Hoarding, 93, 96, 100
Immigrant remittances, 88–9, 95
Import surplus, 102
Imports, invisible, 89–90
Income, 96–7
distribution of, 93
Indebtedness, international, 89, 91, 102n., 104
balance of, 81
Index numbers, 259, 263
of “general price level,” 23, 56n., 193–4, 262n., 266, 268
of prices, 18, 38, 41, 127n., 133–5, 261, 263, 266
of wholesale prices (Sauerbeck), 33–5, 37–9, 41, 46
of world production (Snyder), 62–3
Index of Physical Volume of Production, 266
Index of Prosperity, 262n.
India, absorption of gold by, 42n.
Indian Currency Committee, 115–16
Indian exchange and prices, Marshall on, 115–16
Inflation, 71, 100, 121, 123–4, 134–5, 171, 180, 182, 195, 213, 216–17
Gold Standard, 183
Instability—
Economic and monetary, 93, 100–3, 109, 135, 162, 168, 171, 174–5, 213–14, 217–19, 234, 249
Exchange, 121–2, 226–8, 235, 244–5, 250
Interdependence, Economic, 101–3
Interest, 86, 88, 95, 97, 129
loss of, on gold shipments, 119–21
Interest, Rate of, 46, 49–51, 85, 98–9, 108, 165, 168, 219, 231, 233n.
Short-term, 164, 166–7
World, 231
International Gold Clearing—see Gold Clearing Standard
International Gold Standard, 175–202
see also Gold Standard
International Par Clearance, 186–7
International payments, 79–83, 85, 91, 105–7, 111, 116, 121–2, 125, 131, 202
Deficits in, 142, 144–5, 152
Equilibrium in, 99, 103, 107–8, 136–8, 142, 145–7, 174–5, 182–5, 189, 192–3, 206, 217, 219, 224, 226, 237, 250, 256
Re-equilibrium in, see Re-equilibrium
Structure of, 83–4
Symptoms of disequilibrium in, 161–2
Transactions resulting in, 86–91, 95
International Price Equilibrium, 150, 170, 193, 197n., 201, 220, 255
under Exchange Control, 244
International Relations, 3–4, 13–14, 71, 79, 93, 98, 101, 122, 142, 162, 165, 171, 175, 178, 216, 218, 235, 243, 245–6, 249, 253–5
International Trade—
see Trade, International
Internationalism, Monetary—definition, 2–3, 5
and balance of payments, 78–9, 189
and currency systems, 175–224
and economic stability, 13–14, 101, 174, 189, 195–6
and Exchange Control, 242–5
and Exchange Funds, 245–53
and free paper currencies, 220–1, 224
Future of, 253–5
and Gold Exchange Standard, 217
and Gold Standard, 189–98, 202
and National monetary autonomy, 237
Notion of, 1–15
relation to gold, 15
relation to “international monetary system,” 2–4
relation to “monetary nationalism,” 2, 5, 225–7
Investment, 93–6, 100, 123, 231–2
Invisible imports and exports, 89–90
Iversen, C., 80n., 81 91n., 101 153
Jones, Bassett, 260 265n.
Keynes, J. M.—on exchange management, 209, 228–9, 231
on gold exchange standard, 215
on gold point, 200
on index numbers, 262 264n.
on liquidity preference, 94n.
on monetary internationalism, 236–7
on saving, 93n.
on transfer, 153n.
on world rate of interest, 231–3
Kitchin, Joseph, 37, 66–8
Latin Union, 8n.
League of Nations—
Gold Delegation Report, see Gold Delegation
Report on Exchange Control, 237n., 243, 245n.
“Standard Scheme,” 86–90, 95
Legal tender, 17
Lending, long term, 79n., 85, 249
short term, 85
Liquidity, 94–5
Liquidity preference, 94n.
London as financial centre, 5
Long-term funds, 232
Long-term operations, 87–8, 95n., 98
Macmillan Report, 28n., 74n., 163n., 181n., 198n., 214n.
on international gold standard, 179n., 184
on “rules of the game,” 187–8
Maldistribution (of gold), 62, 70–7, 188, 190–1
definition, 75
Marketability, 95
Markets, International commodity, 22–3
Marshall, Alfred, 51, 115, 116
Marx, Karl, 50, 53n.
Mercantilism, 90
Mercantilists, 11
Merchandise, 88–9
Migration—
international, 79
policies, 9
Mill, J. S., 153
Mint, 119
Mint par, 128, 136–7, 145
Mises, Ludwig von, 111n., 114, 118
on price level, 115n.
Mlynarski, Dr. F., 37, 67, 77, 190n., 200n., 214n.
on economizing gold, 142n.
on world price, 77
“Monadic” States, 7
Monetary authority—see Bank, Central
Monetary circulation, Composition of, 30–1
Monetary and Economic Conference of London (1933), 69
Monetary parities, 22, 71, 114, 117, 126–41, 143, 165, 176, 201, 203, 209, 221–3, 238, 250–1, 256
definition, 126
under international Gold Standard, 179
Monetary reconstruction, 2, 256
Monetary relations, international, 6, 159, 189, 226
Monetary reserves, 233. See also Gold Reserves
Monetary Standard, 127 128, 137, 161 203, 218–19, 222, 224, 226, 233
definition, 126–7, 176–7
See also Gold Standard
Monetary system—international, 3–4, 13, 144–7
world, 3
Money—
movements of, 79
purchasing power of—see Purchasing power
as standard of deferred payments, 18
supply of, 6, 8n., 9–10, 155–6, 163, 167–8, 232 see also Currency
Money, “Hard,” 222n.
Legal tender, 17
Paper—see Currency, Paper
Money markets, 164–5, 232
Moratoria, 241
Moulton, H. G„ 262n.
Nationalism, Economic, 79, 174, 190, 221, 225–7
definition, 225
and exchange control, 237–45
and exchange funds, 245–57
and monetary autonomy, 228–37
Nationalism, Monetary, 13, 79, 175, 227–8, 233 236, 254
definition, 1, 2, 5
and exchange funds, 248, 251–3
Hayek on, 5–7
and monetary internationalism, 2
Neo-mercantilists, 111
Netherlands and Tripartite Agreement, 253n.
New York, stock market, 172
Nogaro, B., 38n.
Note issue, 26
Notes, see Bank notes
Nurkse, R., 80 98n., 99n.
Ohlin, B., 80 105n., 153n.
Paish, F. W., 245n., 248n.
Paris, 57
Parities—
Fixed, 145, 147–56, 158–60, 167–9, 193, 223, 256
Gold, see Gold Parity
Theory of, 114
Pasvolsky, 262n.
Payments, International, see International Payments
Peel Act, 26
Phinney, J. T., 37n., 38n.
Policies—
Co-ordination of, 14
Credit, 158
Monetary, 3, 5–7, 9, 13, 68, 72–5, 79, 105, 142, 152, 161
and price movements, 28
Price-averages, 23, 133
Price-changes (commodity), 261
Price level—
American, 60–1, 77
and Balance of payments Theory, 115
“Constant,” 230n.
and economic stability, 12
and exchange rates, 11, 115–18, 130
and gold (Cassel on), 32–5, 42–4, 47n., 49, 69
Rist on, 53–5, 69
Index of general, 23, 127n., 193, 263–4, 268
Internal and external, 228–9
and monetary parities, 131n.
and purchasing power, 19
and Purchasing power parity Theory, 128–36
Price movements, 18, 22, 24–5, 28, 32–65, 138, 154–6, 163, 166–71
Price stabilization, 48, 68
Price structure, 155, 233
Prices—
Abstract, 20
Commodity, 17
and fluctuating exchanges, 12, 132
Gold—see Gold Price
Index numbers of—see Index numbers
International co-ordination of, 194–6
Nominal, 17, 21, 23–4, 158
Production, World, of commodities, 62–3
Prosperity, 11
Protectionism, 163, 172, 190
Psychological Theory, see Exchanges, Foreign, Theories of
Purchasing power (of money), 11–12, 17–19, 129, 133–4, 268
Purchasing power of money Theory, see Exchanges, Foreign, Theories of
Purchasing power parity, 139, 141, 179, 222, 229
Cassel on, 128–36
Purchasing power parity Theory, 48, 128–36, 138, 193–4, 229
Quantity Theory, 24, 43, 47, 59, 149
Quotas, import, 194, 247n.
Rappard, W. E., 225n.
Rate of discount, see Bank Rate
Rate of exchange, see exchange rates
Rate of interest, see interest, rate of
Real estate, 95–6, 124
Reconstruction, see Monetary reconstruction
Re-equilibrium, 147n., 175, 189
automatic, 147, 151–6
and exchange fluctuations, 156–9
General Theory of, 159–70
induced, 147–51, 156
in major disturbances, 170–4
mechanisms of, see Adjustment
Reflation, 233, 235, 254
Reitz, H. L., 261n.
Reparations, 153, 262n.
Repudiation, 102n., 116n.
Ricardo, 53n., 117
Rist, Prof. Charles, 46n., 68–9, 71, 138n., 184
on Great Depression, 61
Theory on Relation between Gold and Prices, 49–77
theoretical foundations, 49–53
monetary circulation, 51
methods used, 53–60
diagram, 54
price level, 55, 58
gold production, 55, 64
price curves, 56–8
conclusions, 60–5
on U.S.A. gold prices, 60–2, 76–7
Robbins, Prof. Lionel—
on international transfer, 7n., 8
Robertson, D. H., 73n., 93
Roosevelt, President F. D., 197n.
Rueff, Prof. Jacques, 173n., 191n., 214n.
“Rules of the Game,” 14, 187–9, 192, 195, 197, 202, 212, 216, 233
Rupee, 116
Safety, Economic, see Confidence
Saving, 93–4, 100, 231–2
Keynes on, 93n.
Sayers, R. S., 160n.
Securities, 95–7, 124, 164
Self-sufficiency, 225, 227
Settlements, international, 82–4, 90, 100, 121, 165
see also International payments
Shares, 94–6
Short-term Funds—
in balance of payments, 86–8, 91, 93–4, 110, 232
Movements of—
in balance of payments, 97–102, 181–2, 200–1, 226, 233n., 235
and exchange funds, 249–50, 256
and exchange standards, 208, 210, 213, 216, 219–20, 222–3
and Foreign Exchange Theories, 116, 123–4
and re-equilibrium, 148–9, 161–2, 165–6, 168–70, 172–3
Short-term operations, 87–8, 98n., 100, 125
Silver, 67, 78, 88, 127
Silver standard, 67n.
Smith, Adam, 78n.
Snyder, Carl, 62 261n., 262n.
Snyder Index of world production, 62–3, 261–2
South Africa, gold mines, 44
Sovereign States, 10, 225n.
Sovereignty, 4–9, 208
Specie, 8, 164, 168, see also Gold
Specie points, 128n., see also Gold Points
Specie, Simple, currency, see Currency
Speculation—
and Exchange Fund, 247–8, 250
in forward exchanges, 109, 201
“Spot” and forward rates, 109–10
Stability—
Exchange, 121–2, 124, 138, 143, 150, 158, 188 196–7, 221, 227–30, 233, 235, 238, 254n., 255
International, 11–13, 89. 94, 105, 175, 189, 196, 218–19, 223, 225, 254
Monetary and economic, 11–13, 73, 75, 80, 83, 90, 102, 111, 140, 161–2, 166, 168–9, 172, 180–2, 184, 208, 218, 221, 226, 230, 233, 256
Price, 229–30
Stabilization of Franc, 54
Stabilization Fund (U.S.A.), 245
Standard Commodity, 127–8
see also Commodity Standard, Monetary Standard
“Standard Scheme”—see League of Nations
State Socialism, 227, 247
and Exchange control, 242–5
Statistical constructions, 259–69
Statistical methods, 260
Sterilization, 249
Sterling, 197
“Sterling Area,” 209
Sterling-Bloc, 253
Sterling Standard, 204–6, 209, 253
Subsidies, 122
Surplus in international payments, 85
Swiss Government, 212n.
Switzerland, and Tripartite Agreement, 253n.
Tariffs, 163 194, 236, 238n., 247n.
Taylor, Amos, 87n.
Terms of Trade, 101, 149, 152
Tourist Expenditure, 88–9
Trade, Balance of—see Balance
Trade, Bill of, 94
Trade in Commodities and Services, 88–91
Trade Cycle—see Business Cycle.
Trade Depressions, see Business Cycle
Trade, International, 8, 23, 79, 83, 86, 90–1, 97–8, 115, 124, 130, 135, 139, 156–7, 162, 166, 193–4, 226, 229
under Exchange Control, 240–1
Theory of, 92
Value of, 181–2
Trade policies, 9
Trade restrictions, 122–3, 249
Trade statistics, 89
Trade Unions, 201
Transfer, 91, 101, 103, 105–6, 153 165n.
real, 165n., 167
Transportation, Cost of, 194, 198
Treasury Bills, 253
Tripartite Agreement, 253–4
United States of America, 27, 34, 42, 51n., 52, 60–2, 64, 67n., 77, 190–1, 197–8
Department of Commerce, 87–9
Stabilization Fund, 245
and Tripartite Agreement, 253n.
Viner, Prof. Jacob, 80n., 81, 90n., 128 n„ 142 149n., 151n., 153 159n.
War Debts, 88
Whale, P. B., 154
White, H. D„ 159n.
Whittlesey, Prof. Charles R., 202n., 231n.
Wicksell, Knut, 48
Wilcoxen, 37
Williams, Prof. J. H., 159n.
on Monetary Stability, 230
World Crisis, The, 13n., 225n.
World prices, 131–2, 194
Mlynarski on, 77
World state—
definition, 3
monetary system in, 3–4, 6 7, 12
World War, 41, 61, 135
Young Plan, 199
