Abstract
It is difficult to be precise as to when the international gold standard system began to crumble. It may be said, however, to have worked smoothly until just before the outbreak of the First World War in 1914. During and after the war, convertibility into gold was universally suspended for a time, but there was a strong inclination everywhere to return to the system. There was, however, a steadily growing atmosphere which tended to stifle the automatic functioning of the system.
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Notes
League of Nations, International Currency Experience, 1944, p. 28.
Robert Triffin, Gold and Dollar Crisis, 1960, p. 65.
League of Nations, International Currency Experience, 1944, p. 30.
League of Nations, International Currency Experience, 1944, p. 64.
League of Nations, The Functioning of the Gold Standard (by Dr. Feliks Mlynarski), 1931, pp. 20–1.
League of Nations, The Functioning of the Gold Standard (by Dr. Feliks Mlynarski), 1931, pp. 21–2.
League of Nations, International Currency Experience, 1944, p. 39. In this connection, it should be remembered that up to June 1928, France was in practice on the gold standard system and used it fully, for the purpose of strengthening the franc, but as a result of the currency reform of the above date, came to adopt a gold exchange system.
League of Nations, The Functioning of the Gold Standard, 1931, p. 23. According to this book, the amount of gold bought and sold by the Bank of England in the years listed below was (unit: £1 million): Year Purchased Sold 1925 17·2 28·8 1926 24·0 17·7 1927 19·4 20·7 1928 35·6 36·9 1929 52·7 60·9
League of Nations, International Currency Experience, 1944, p. 143.
League of Nations, International Currency Experience, 1944, p. 143.
League of Nations, International Currency Experience, 1944, p. 145.
League of Nations, International Currency Experience, 1944, p. 141.
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© 1964 Shigeo Horie
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Horie, S. (1964). Changes in and Collapse of the International Gold Standard System. In: The International Monetary Fund. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-81738-2_3
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DOI: https://doi.org/10.1007/978-1-349-81738-2_3
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