A Dynamic Theory of Forward Exchange

A Dynamic Theory of Forward Exchange

A Dynamic Theory of Forward Exchange

A Dynamic Theory of Forward Exchange

Excerpt

Post-War books or articles on international monetary subjects which make no reference to Forward Exchange are like Hamlet without the Prince and the gravedigger. Yet the overwhelming majority of post-war books and articles on those subjects are guilty of this omission. In spite of the increased influence of Forward Exchange on international movements of funds, interest rates, etc., most writers make no reference at all to that aspect of their chosen subject. No economist or financial writer of standing, writing about inflation, would think nowadays solely in terms of the volume of the note issue without dealing also with the volume of bank money. Yet day after day we encounter in financial columns comments referring to changes in money rates or bill rates without referring to the influence of forward margins on those changes. And it would be possible to quote scores of post-war books dealing with Foreign Exchange problems which have nothing, or next to nothing, to say about Forward Exchange. For this reason I feel that the publication of a full-sized treatise devoted entirely to Forward Exchange in the post-war world calls for no apology.

This book was originally planned as a revised edition of my pre- war book. The Theory of Forward Exchange. The important changes that have taken place since that book appeared in 1937 made the publication of a thoroughly revised edition justified and necessary -- all the more so because it was still the only book to treat the subject in full detail. In the late 'fifties my Publishers and I derived much encouragement for the idea of such a major undertaking from the fact that its material, although written nearly a quarter of a century ago, was still quoted fairly frequently. During recent years I came across a number of references to that book in books or articles appearing in this country, in the United States or on the Continent, describing it as the 'standard work' or 'fundamental work' on Forward Exchange. Even the flattering term 'classic' was applied to it recently by an academic economist specialising in Forward Exchange theory.

Precisely because many people in the academic world and . . .

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