Front Matter

Monetary Nationalism and International Stability

F. A. Hayek

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Foundation for Economic Education

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ISBN (ebook): 978-157246-558-9

Originally published by

Longmans, Green and Co., 1937

2018
Published under the Creative Commons Attribution 4.0 International License

CONTENTS

Preface

Lecture I: National Monetary Systems

1. Theoretical Character of These Lectures

2. Monetary Nationalism and National Monetary Systems

3. A Homogeneous International Currency

4. The Mixed or National Reserve System

5. Independent National Currencies

Lecture II: The Function and Mechanism of International Flows of Money

1. The Functions of Redistributions of the World’s Stock of Money

2. The Mechanism under a System of Purely Metallic Currencies

3. The Mechanism under a Regime of Mixed Currencies

4. The Rôle of Central Bank Policy

Lecture III: Independent Currencies

1. National Stabilisation and International Shifts of Demand

2. The Position in the Country Adversely Affected

3. The Position in the Country Favourably Affected

4. Causes of the Recent Growth of Monetary Nationalism

5. The Significance of the Concepts of Inflation and Deflation Applied to a National Area

Lecture IV: International Capital Movements

1. Definition and Classification of Capital Movements

2. Their Mechanism under a Homogeneous International Currency

3. Under National Reserve Systems

4. Under Independent National Currencies

5. The Control of International Capital Movements

Lecture V: The Problems of a Really International Standard

1. Gold as the International Standard

2. The “Perverse Elasticity” of Our Credit Money

3. The Chicago Plan of Banking Reform

4. Exchange Rates and Gold Reserves

5. Credit Policy of the Central Banks

6. Conclusions

NOTE

Since its establishment in 1927, the Graduate Institute of International Studies at Geneva has organised, in addition to its regular instruction, certain series of lectures by experts from outside its own staff. In spite of the original character of most of these lectures, the Institute cannot publish all of them.

The Directors believe, however, that they ought to make certain of them available to a larger public.

The task of the Directors of the Institute is limited to the selection of their authors. The authors have been left complete freedom of thought, and naturally, therefore, they bear the sole responsibility not only for their opinions, but also for the form of their expression.

Paul Mantoux.

W. E. Rappard.