By Maria Cristina Marcuzzo
During this quantity a world staff of special financial historians learn the old adventure of trade cost behaviour less than varied financial regimes. the focus is on metal criteria and stuck trade premiums, akin to the most efficient. With its mixture of thematic overviews and case experiences of the main international locations and sessions, the ebook tremendously complements our realizing of earlier financial platforms.
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Extra info for Monetary Standards and Exchange Rates
13 The problem in the interwar period that set in motion the great depression was not the overvaluation of sterling but the overvaluation of all currencies— given the return to the gold standard—in terms of gold. The gold scarcity had come about as a result of three factors: (a) the higher postwar price level, which lowered the real value of gold reserves, (b) the increased demand for gold as a result of increased uncertainty, aggravated by fluctuating exchange rates, and (c) the increased requirements for gold due to the return to the gold standard.
However, the third period dominates the first! The period of the 1980s was a period in which wholesale prices rose at a slower rate than the period of not only the 1970s but also the 1960s. 5 Inflation rates: rate of change of wholesale price indexes, 1963–92 (%) Source: WEFA World Economic Service, July 1993 CONCLUSIONS This chapter has examined the relation between performance characteristics of the world economy, measured by growth, stability, employment and inflation, and the exchange-rate system, prevailing at different time periods.
Incorrect fixed rates are worse than flexible rates. The restoration of the gold standard in the 1920s was a case in point. MUNDELL depression and it is even arguable that there would have been no World War II. The instability of the 1930s was the deadly aftermath of an incorrect fix. The best periods for the world economy, over the past century, from the standpoints of inflation, growth, and unemployment, were the period of the gold standard up to 1914; and the post-Bretton Woods era, up to 1971.