Monetary Standards and Exchange Rates by Maria Cristina Marcuzzo

By Maria Cristina Marcuzzo

During this quantity a world staff of distinctive financial historians study the historic adventure of trade price behaviour lower than varied financial regimes. the main target is on steel criteria and glued trade charges, equivalent to the most suitable. With its blend of thematic overviews and case experiences of the main international locations and classes, the booklet significantly complements our knowing of previous financial structures.

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Baker III stunned his audience with the proposal for a commodity-price index— including gold, he emphasized—as a means of allocating the distribution of the burden of adjustment. 33 There was some support for the use of an index, but the issue got sidetracked in the following month with the stockmarket crash on October 19–20, 1987, induced by continuing weakness in the dollar and uncertainty over monetary policy. Since the days of Secretary Baker, there has been no talk of international monetary reform.

1 this system is suggested for Europe as a potential currency area for the years 1994–2005. The conclusion of this chapter is that fixed-exchange-rate systems have, historically, been associated with stability and solid growth; by contrast, flexible exchange rate systems have been associated with instability and uneven growth. Exchange-rate stability is associated with monetary discipline, instability with indiscipline. Monetary instability leads to inflation and unemployment. It would be incorrect to conclude, however, that fixed rates are desirable per se.

As it was, the price of gold was raised sporadically as one country after another went off the gold standard often only to restore it—or the dollar parity—at a higher price. Even before Britain left gold in September 1931 in the wake of the failure of the Creditanstaldt, Argentina and Australia had already left gold in 1929 and Brazil was to follow in 1930. Following hard on the heels of the British departure from gold were Germany, Japan, Canada, Portugal, Denmark, Norway, Sweden and Finland in 1931, and Greece in 1932.

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