Gold and the Dollar Crisis: The Future of Convertibility
Analyzes the 19th century system of international convertibility and the reasons for its collapse and outlines radical institutional reforms which might deal effectively with the present day dollar question.
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THE RETURN TO CONVERTIBILITY 19261931
What and How?
The Changing Role of Monetary Reserves
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accept accumulation adjustments Agreement already amount assets authorities balance of payments billion borrowing capital cent central banks Chairman claims Clearing commitments Committee Community convertibility countries country's course currency danger deficits deposits discussion dollar economic effect estimates Europe European excess exchange rate expansion exports fact financing foreign exchange Fund Fund's further future gold gold reserves growth held holdings imports increase institutions interest International Monetary investments issue Italy later lending less limit liquidity loans major measures ments monetary reserves national currency necessary objection official operations overall particularly past policies political position present probably problem production proposals quota ratio reason relation remain requirements respect restrictions result settlements solution stability standard sterling suggest supply Table tion trade Triffin United Kingdom