By István Gyöngyössy (auth.)
The writer had already get entangled with the topic of this booklet whilst President Nixon suspended the convertibility of the greenback on August 15, 1971. This announcement was once comparable to an professional admission of the formerly glaring failure of the inter nationwide financial approach proven in Bretton Woods after lengthy and hard negotiations. even though the genuine purposes for this failure are a lot deeper and extra advanced, the fast reason was once the great outjlow of cash from the us to Europe and Japan. by no means sooner than had monetary historical past recorded a foreign money stream of such value, even supposing throughout the classes previous the devaluation of the French franc and the re valuation of the Deutsche Mark (Le. , by means of the top of 1968 and ordinarily in 1969), and especially first and foremost of 1971, the in ternational circulation of cash grew to such large proportions as to alm ost traumatize the commercial and fiscal circles of constructed capitalist nations. those fiscal and fiscal circles thoroughly foresaw that the ever growing to be and hardly ever controllable quantity of foreign money circulation may heavily endanger the already precarious stability of the overseas economic climate and maybe even dissatisfied it. This short research, unlike many different predictions of cur rency advancements, holds actual for an extended interval as well.
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Increase in foreign exchange holdings thus is something like a "thermometer" of this imported form of inflation. It is quite understandable that countries receiving money for conversion try to protect themselves against it. By what means and with what results will be discussed later. First, we wish to see what the respective central banks do with accumulated foreign exchange holdings. They endeavour to profitably mobilize them. While gold reserves are generally held idly in central bank safes, foreign exchange holdings are mostly placed out, their amount being so high that their full utilization for disponibility purposes could, in normal circumstances, hardly take place.
In respect of trade and payrnent balance interferences it is yet to be mentioned that capital export generally decreases or at least may decrease commercial exports. This is obvious since goods produced in the frarnework of external industrial investments realized by means of capital exports will not increase the export volume of the country which invested the capital. External investment projects are generally realized in such sectors of the industry which are well-advanced in the investor country and produced intensively for direct exports, which form will, however, be less in demand at least in the capital-importing country where the respective investment was realized.
5 billion in 1971. The total collapse of the Bretton Woods system, floating having become general, the lamaica-decisions and, above all, the subsequent decreasing confidence in the dollar, have basically changed the above-outlined situation. In order to demonstrate the measure of the changes and to monitor the reasons thereof it is necessary to present certain numerical data, even if they are-due to several reasons-hardly comparable with the earlier ones. 2 * Aigeria, Indonesia, Iran, Iraq, Kuwait, Lybia, Nigeria, Oman, Qatar, Saudi Arabia, United Arab Emirates, Venezuela.
International Money Flows and Currency Crises by István Gyöngyössy (auth.)