Suchergebnisse

This article sketches the origins of paper money in Norway back to the last half of the 18th century and asks why there was no circulation of full-bodied coins even after notes had become convertible into silver at par in 1842. The argument put forward is that the choice of fiat paper money reflected the relative economic backwardness of the country. Although Gresham's law also applied for Norway, the most important reason paper money caught on and maintained that position as the most important part of the money stock was the chronic shortage of means of payment. In such a situation, bad money was not that bad after all. Moreover, times of war and political havoc besides, paper money managed to stay fairly stable and fulfil an essential function as a store of wealth. With time, paper money became institutionalised in the Norwegian economy, overwhelmingly dominating the domestic circulation and functioning as the key monetary reference (unit of account). Thus, convertibility in 1842 linked the domestic currency with international money at fixed rates, but had hardly any bearing on the domestic function of money.

This article analyzes the stability of bimetallism for countries operating in integrated bullion markets that enact different legal ratios. I articulate a new theoretical framework to demonstrate that two countries can both be bimetallic only if they coordinate their legal ratios. The theoretical framework is applied to the mid-eighteenth century when London's legal ratio was 3.8 percent higher than that of Amsterdam. I find that Amsterdam was effectively on the bimetallic standard, whereas London was on a de facto gold standard.

This article sketches the origins of paper money in Norway back to the last half of the 18th century and asks why there was no circulation of full-bodied coins even after notes had become convertible into silver at par in 1842. The argument put forward is that the choice of fiat paper money reflected the relative economic backwardness of the country. Although Gresham's law also applied for Norway, the most important reason paper money caught on and maintained that position as the most important part of the money stock was the chronic shortage of means of payment. In such a situation, bad money was not that bad after all. Moreover, times of war and political havoc besides, paper money managed to stay fairly stable and fulfil an essential function as a store of wealth. With time, paper money became institutionalised in the Norwegian economy, overwhelmingly dominating the domestic circulation and functioning as the key monetary reference (unit of account). Thus, convertibility in 1842 linked the domestic currency with international money at fixed rates, but had hardly any bearing on the domestic function of money. ; publishedVersion

6 Britain, U.S.A., and the Indian Gold Standard Controversy, 1925-7The Making of a Commission; The Gold Standard Controversy; The Politics of Silver, 1927-35; Gold-Bullion Standard -- Myth and Reality; 7 The Depression Years; 'Gold Shortage' and the Sterling Crisis; The Depression and India's External Sector; The Policy Response and Constraints; Gold Exports and Sterling Policy; Gold Exports and the Indian Economy; A Gold Glut?; Conclusion; 8 The Politics of Monetary Autonomy and the Imperial Interest in Interwar India; The Early Impetus for Central Banking.

The paper explores the insights offered by Marx's analysis of the emergence of "world money" into the workings of the international gold standard period and the post-Bretton Woods floating dollar standard. In a curious inversion of the traditional formulations drawing on Lenin, imperial hegemony in today's context would seem to be associated with net capital imports (rather than exports) by the dominant country. In particular, I argue that in a context where the role of "world money" rests on the monetary liabilities of a dominant state, in the form of credit money — "fictitious capital" — rather than bullion, there is an easing of the external constraint on the advanced countries in the core with the impact of the debt-deflationary spiral and financial fragility being borne disproportionately by the periphery. The theorization of world money needs to address the relation between the state and the financial system: the asymmetric manner in which countries outside the core were incorporated into the monetary system, and the role that financialization plays in preserving the hegemony of the dominant currency. JEL classification: F33, F34, F59

Successive steps in the development of the coinage system since the early years of Meiji. -- The state of affairs which necessitated the coinage reform of 1897. -- The Chinese indemnity and the creation of the gold reserve. -- The coinage law of 1897. -- The laws and ordinances relating to the carrying into operation of the coinage law. -- Importation of a portion of the Chinese indemnity. -- Measures taken to convert the imported bullion into coins. -- The minting of new coins. -- Prospects of future supply for the gold reserve. -- The withdrawal from circulation of 1-yen silver coins. -- Final disposal of the retired silver yen. -- The employment of funds in the government treasury in connection with the coinage reform. -- Effects of the coinage reform upon the economic condition of our country. -- The monetary system of Formosa. ; Mode of access: Internet.

It is evident the oscillations in money value and the abandoning of the gold-bullion standard, contributed to accentuate the chaotic situation in international trade, considerably decreasing its volume, annulling free trade and reducing it a system of barter and bilateral agreements. The aggravation of economic nationalist began to submit humanity to the greatest crisis known, which added to ideologic, political and social factors determined the outbreak of the second world war. With the creation of the International Monetary Fund and the International Bank for Reconstruction and Development, the United Nations except to successfully overcome the difficulties and restore an era of collective security which insures general peace and property; however, in order to make this possible it will be necessary for the countries to commence by ordinating their internal problems. As far as the Argentine Republic is concerned, its programs may be exposed in few words: Loyal fulfillment of international commitments, to legislate in accordance with the requirements of the moment, procuring greater justice, to cooperate in a collective effort and to adapt the country to the new postwar features, it being our history duty not to remain indifferent to these grave problems ; Instituto de Investigaciones Económicas

In this paper, we want to clarify one of the reasons of Ricardo' s position about money. The study of The high price of bullion, a proof of the depreciation of bank notes (1810) reveals two different significations of "the standard measure of value". They show how it is important for Ricardo to protect the interests of "moneyed people", that is the class of men who finance accumulation.