By Friedrich Hayek
In 5 lectures brought in 1937, Kayek “extended Mises’ financial idea to supply a groundbreaking research of the foreign operation of the 24-karat gold standard… the 1st finished case opposed to so-called freely fluctuating trade rates.”
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Extra info for Monetary Nationalism and International Stability
Another case where the same cause which would lead to a flow of money from one country to another would at the same time cause a fall in the rate of interest in the first would be if in one of several countries where population used to increase at the same rate, this rate were considerably decreased. 26 INTERNATIONAL FLOWS OF MONEY expansion or contraction of the credit structure according as circumstances demand. It is commonly believed that nothing fundamentally is changed but something is saved by substituting the extinction of money in one region and the creation of new money in the other for the actual transfer of money from individual to individual.
That in order to counteract the effects of a severe fall of prices in one industry in a country other prices in the country should be allowed to rise, appears fairly plausible. But that in order to offset a rise of prices of the products of one industry which is due to an increase in international demand, prices in the other industries should be made to fall sounds far less convincing. I find it difficult to imagine the President of a Central Bank explaining that he has to pursue a policy which means that the prices of many home industries have to be reduced, by pointing out that an increase of international demand has led to an increase of prices in an important export industry, and it seems fairly certain what would happen to him if he tried to do so.
M. KEWBS, A Treatise on Money, 1930, vol. I, chapter 4. * And, conversely, in the country towards whose product an additional money stream is directed, this might very well lead to a rise in the rate of interest. It seems that we have been led to regard what happens to be the rule under the existing mixed systems as due to causes much more fundamental than those which actually operate. But this leads me to the most important difference between the cases of a " purely metallic " and that of a " mixed " currency.
Monetary Nationalism and International Stability by Friedrich Hayek