International Monetary Economics

International Monetary Economics

International Monetary Economics

International Monetary Economics

Excerpt

The scope of this book covers an investigation of the structure of international monetary relations, an inquiry into the nature of monetary internationalism and into the conditions which make its continued existence possible, and an investigation of the consequences of its destruction and replacement by nationalistic monetary policies.

While the only successful experience of monetary internationalism (apart from monetary unions) has been under the gold standard, the present study is not primarily concerned with that system, even though much of the following discussion will throw light upon its functioning. After defining the nature of monetary internationalism and of its opposite, the present inquiry proceeds to discuss what might be called the monetary economics of gold. It is important to determine the action of gold on prices and the part played by gold in the functioning of a monetary system in order to define, later on, its importance for monetary internationalism. There follows a detailed analysis of various problems relating to international payments and their balance, to exchange rates and parities, and to the conditions of monetary stability, which are considered on a fairly broad basis including both national economic policies and international political relations. The experience of the reconstruction of monetary internationalism which was carried out in the middle 'twenties and which collapsed so soon remains a proof of what may happen if in considering monetary matters one confines oneself to the field of purely technical monetary considerations. All economic relations have a monetary aspect; but, recipro-

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