Abstract
The international gold standard system owed a great deal to the fixed rate system in its ability to preserve the unity of currency in the world economy.
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Notes
Before 1932, the Treasury Department of the United States agreed to the purchase and sale of gold at the fixed rate of $20.67183 an ounce of fine gold and, therefore, there was no scope for the establishment of a gold market. In Britain, however, the Bank of England was under the obligation (a) of delivering gold coins at par (under the Resumption Act of 1819), viz. the equivalent of 1 standard ounce in exchange for notes (and token coins) worth £3 17s. 10½d., and (b) of buying gold bullion at the price of £3 17s. 9d. a standard ounce (under the Bank Charter Act of 1844). (R. S. Sayers, Bank of England Operations, 1890–1914, pp. 71–4.)
R. F. Harrod, The Pound Sterling, 1952. (Translated into Japanese by the Research Department of the Bank of Tokyo and, under the title of Gendai-no-Pondo, published by the Shiseido, Tokyo, p. 4.)
G. N. Halm, International Monetary Co-operation, 1945, p. 21.
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© 1964 Shigeo Horie
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Horie, S. (1964). The International Gold Standard System and Foreign Exchange Rates. In: The International Monetary Fund. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-81738-2_2
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