CONTENTS

XVII

CHAPTER 34

Problems of International Management—I. The Relations ofCentral Banks to one another ....

279

CHAPTER 35

International Management—II. The Gold

Problems of

Standard ....(i.) Auri sacra Fames(ii.) The Case for the Gold Standard

289

289

293

CHAPTER 36

Problems of International Management —III. The Problem ofNational Autonomy ......

(i.) The Dilemma of an International System (ii.) Methods of Regulating the Rate of Foreign Lending(iii.) The Significance of the Gold Points .

(iv.) Should Standards of Value he International ?

302

302

306

319

332

CHAPTER 37

Problems of National Management —III. The Control of the

Rate of Investment ..... 339"

(i.) Can the Banking System Control the Price-level ? . . 339

(ii.) Short-term Rates of Interest and Long-term Rates . 352

(iii.) Can the Banking System control the Rate of Investment ? 362

a. The Direct Influence of the Short-term Rate of

Interest ....... 363

b. The Fringe of Unsatisfied Borrowers . . . 364

c. Issue Houses and Underwriters .... 367

d. Open-market operations to the point of Saturation . 369

e. International Complications .... 374

(iv.) The Slump of 1930 ...... 377

CHAPTER 38

Problems of Sdpernational Management .

(i.) The Dual Problem of Supernational Management(ii.) Methods of Supernational Management(iii.) The Bank of International Settlements (iv.) Conclusion .....

388

389395402405

Index

409