《International Monetary Co-Operation 1945-52》

PART ONE FIRST PRINCIPLES13

Chapter Ⅰ．INTER-COUNTY PAYMENTS13

The Problem of External Liquidity14

The Problem of External Disequilibrium15

The Problem of the Transmission of Business Depressions17

Conclusion18

Chapter Ⅱ．EXCHANGE RATES20

Chapter Ⅲ．INTERNATIONAL LIQUIDITY32

The Means of International Settlement32

Multilateral Settlement in Conditions of Equilibrium36

Multilateral Settlement in Conditions of Disequilibrium39

The Scope for International Co-operation45

Chapter Ⅳ．INTERNATIONAL DISEQUILIBRIA46

Devaluation in Favourable Circumstances49

Devaluation in Unfavourable Circumstances50

Factors Affecting the Elasticity of Demand for Exports53

Summary and Conclusions56

The Concept of＇Suppressed Disequilibrium59

Chapter Ⅴ．THE INTERNATIONAL TRANSMISSION OF DEPRESSIONS61

PART TWOMACHINERY OF INTERNATIONAL MONETARY CO-OPERATION67

Chapter Ⅵ．THE INTERNATIONAL MONETARY FUND67

The Objects of the Fund68

Exchange Rates70

Additional Liquidity75

Multilateral Settlement79

Chapter Ⅶ．THE INTERNATIONAL MONETARY FUND83

Restrictions on Trade and Payments83

The Treatment of Disequilibria88

The International Transmission of Depressions91

Conclusion94

Chapter Ⅷ．EUROPEAN MONETARY CO-OPERATION96

The Intra-European Payments Schemes99

The European Payments Union—Liquidity Provisions107

The E．P．U．—Correction of Disequilibria118

Chapter Ⅸ．STERLING120

Sterling under the Gold Standard120

The Pre-war Sterling Area122

War time124

Post-war Changes128

The Pathology of Sterling141

PART THREETHE COURSE OF EVENTS SINCE THE WAR149

Chapter Ⅹ．BEFORE SEPTEMBER 1949149

Exchange Rates149

The Causes of the Post-war Disequilibria152

Suppressed and Open Disequilibria in the Postwar Period157

International Settlements in the Post-war Period159

The International Transmission of Depressions163

Chapter Ⅺ．SEPTEMBER 1949 AND AFTER166

READING LIST175

INDEX177