INDEX

American debt, 191

Aurelian, 152

Austria, elasticity of demand for money, 48

value of note issue, 52

currency of, 55

Bank of England, and forward exchange, 135

and gold, 171, 184, 190, 192

and existing system, 178

Bank rate, and prices, 21

and forward exchange, 136

pre-war effect of, 159

“Big Five,” 178

British Empire, currency of, 205

Business class, 18, 29

Cannan, Professor, 47

Capital, diminution of, 29

Capital levy, versus currency depreciation, 63, 65

in Great Britain, 68

Cassel, Professor, 87, 92

Chervonetz, 51, 57

Consols, 12, 15

Credit-cycle, 83, 86, 187, 188

Cunliffe Committee, 140, 184, 194, 195

Cuno, Dr., 60

Currency depreciation, in history, 9, 11

advantage to debtor class, 10

incidence of, 42

versus capital levy, 63

social evils of, 65

Czecho-Slovakia, 143, 146

Debtor class, political influence of, 9

Deflation, 143

and distribution of wealth, 4

and production of wealth, 4, 32

meaning of, 82

arguments for, 147

and Aurelian, 152

Devaluation, 64, 67

and deflation, 141, 142

and currency reform, 145

Dollar, forward exchange in, 118, 123, 125

Edward III., 163

Equation of exchange, 93, 97, 99

Estcourt, Dr., 107

Exchange speculation, effect of, 112

and forward market, 130, 138

services of, 136

External purchasing power, 88

Federal Reserve Board, and gold, 86, 167, 175, 197

index number, 94

co-operation with, 186

Fisher, Prof. Irving, 78, 148, 155, 163, 187

Foreign exchange, and purchasing power parity, 87

forward market in, 115

stability of, 141, 154, 189

Forward market in exchanges, 115

as an insurance, 121

and interest rates, 124

and State banks, 133

and bank rate, 136

Franc, exchange, 73

purchasing power parity, 101, 104

seasonal movement, 111

forward exchange in, 116, 118, 120, 125

devaluation of, 143, 145

France, losses of investors, 13, 65

burden of internal debts, 70

Genoa Conference, 134, 142, 143, 173

Germany, interest rates in, 22

and currency inflation, 41

elasticity of demand for money in, 48

value of note issue, 51

currency of, 54

sums raised by inflation, 58

recent financial history, 61

equation of exchange, 99

Gibbon, 152

Gold and State banks, 81

price of, 190

cost of burying, 199

Gold discoveries, 164

Gold mining, 165

Gold standard, 9, 12

restoration of, 149, 163

Great Britain, capital levy in, 68

currency statistics of, 83

seasonal trade, 108

ideal currency, 177, 203

banking system of, 178, 185

note issue, 193

Harvard, economists of, 199

Hawtrey, R. G., 163, 173, 174, 176, 187, 203

Hoover, Mr., 200

Huskisson, 153

Index numbers, for regulating money, 187

India, 141

prices in, 156

Individualism, and monetary stability, 40

Inflation, and distribution of wealth, 4, 5

and production of wealth, 4, 32

and redistribution of wealth, 30

as a method of taxation, 41

importance of rate of, 49

sums raised by in Russia, 57

sums raised by in Germany, 58

meaning of, 82

Interest, “money” and “real” rates of, 20

Interest rates and forward exchange, 129

Internal purchasing power, 88

Investment system, 5

Investors, losses of, 13, 16

Italy, losses of investors, 14, 65

Bank of, and forward exchange, 134

Labour, effect of rising prices on, 27

Lasteyeri, M. de, 71

Lehfeldt, Professor, 48

Lira, purchasing power parity, 101

seasonal movement, 111

forward exchange in, 116, 119, 129

devaluation of, 143, 145

“Managed” currency, 166

Marks, speculation in, 113

forward exchange in, 119

Marshall, Dr., 78, 79

Middle Ages, and currency debasement, 162

Middle class, losses of, 30

Money, elasticity of demand for, 47

stability of, 40

future regulation of, 177

Moscow, and use of money, 46

Mussolini, 145, 153

Note issue, existing system in G.B., 183

suggested system, 193

Pigou, Professor, 74, 78

Poland, elasticity of demand for money, 48

Population, 31

Prices, index numbers for various countries, 1913–1923, 3

fluctuations in nineteenth century, 2

steadiness in nineteenth century, 11

raw materials, 1919–1922, 19

effect of expectation of rise or fall, 22, 33, 37

effect of falling, 24

stability of, 154

Profiteers, 25, 26, 28

Purchasing power parity, 87

Quantity theory, 42, 74

Rasin, Dr., 146, 147

Real balances, 78, 83

Reichsbank discount rate, 23, 60

Ricardo, 87, 152, 153, 154

Risk, and production, 35

Rupee exchange, 157

Russia, and currency inflation, 41, 63

value of note issue, 52

currency of, 55

Saving, 7

Seasonal movement of exchanges, 106, 108, 111, 177, 191

Sterling, purchasing power parity, 100, 102

seasonal movement, 111

forward exchange in, 116, 117, 125

Taxation, by means of inflation, 41

Treasury Bills, relation of, to currency, 179, 196

Trustee investments, 8

United States, proposals for, 197

closing mints of, 200

and redundant gold, 201

Vienna, and use of money, 46

Wages, and prices, 27, 29

“Ways and Means” advances, 180

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