Download e-book for kindle: Monetary nationalism and international stability by Friedrich A. Von Hayek

By Friedrich A. Von Hayek

ISBN-10: 0678000476

ISBN-13: 9780678000472

2012 Reprint of 1937 version. specified facsimile of the unique variation, no longer reproduced with Optical attractiveness software program. This e-book includes 5 essays by way of a tender Hayek. Lectures are: "National financial structures; The functionality and Mechanism of overseas Flows of cash; self sustaining Currencies; foreign Capita events and the issues of a very foreign Standard." Lectures contain significant dialogue of the premier.

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It is on this assumption that we conduct our investigations. For purposes of simplicity, too, I assume that at the outset a state of full employment prevails. 1 Where the shift of demand has been induced by a reduction of cost and a consequent fall of prices in the one country, this will only be a relative rise and will of course only partly counteract this fall in the price of the final product, but may bring about an actual rise in the prices of the factors used in their production. 38 INDEPENDENT CURRENCIES It will be convenient to concentrate first on the country from which demand has turned away and from which under an international monetary system there would in consequence occur an outflow of money.

We have long been familiar with the proposition that counteracting forces will in time bring the flow of money between the countries to a stop. But it is only quite recently that the exact circumstances determining the route by which this comes about have been satisfactorily established1. In both countries the change in the money receipts of the people first affected will be passed on and disseminated. But how long the outflow of money from A to B will continue depends on how long it takes before the successive changes in money incomes set up in each country will bring about new and opposite changes in the balance of payments.

We can see this more clearly if we picture the series of successive changes of money incomes, which will follow on the initial shift of demand, as single chains, neglecting for the moment the successive ramifications which will occur at every link. Such a chain may either very soon lead to the other country or first run through a great many links at home. But whether any particular individual in the country will be affected will depend whether he is a link in that particular chain, that is whether he has more or less immediately been serving the individuals whose income has first been affected, and not simply on whether he is in the same country or not.

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Monetary nationalism and international stability by Friedrich A. Von Hayek


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