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
THE END
Printed in Great Britain by R. & R. Clark, Limited, Edinburgh.