Análisis de noticias económicas y financieras, ofreciendo información actualizada –
Despite the lack of highly precise data, it is known that a significant portion of the foreign exchange accumulated by France between 1926 and 1928 consisted of pounds sterling. Thus, part of the gold held by the Bank of Engl…
As price increases were more rapid in France than abroad, the government was compelled to devalue the franc on several occasions. For these structural reasons, a deficit in the French balance of payments emerged; what is cert…
The Federal Reserve Act, which established the United States central banking system in 1913, granted national banks, for the first time, the right to engage in acceptance operations. By 1917, total dollar acceptances arising …
Through its various forms, credit is essential to finance the expansion of operations, not only because it makes growth possible, but also because it allows the exploitation of leverage when the cost of borrowed capital (cred…
The period over which the net cash flows generated by a project are to be considered is of paramount importance for evaluation purposes. It is necessary to define a specific horizon, since it is entirely unrealistic and impra…
Monetary policy, however, was supposed to reinforce the effects of these automatic mechanisms for adjusting external payments, not hinder them. Holders of inventories financed through borrowing, on the one hand, saw the burde…
Discount rate policy did not have the same scope in all countries and did not always follow the so-called “rules of the game.” Here too, the United Kingdom enjoyed a clear advantage linked to the structure of London’s interna…
Alongside this action that was favorable to both borrowers and lenders, situations periodically emerged that were consistently advantageous to creditors but difficult for debtor countries. These situations were generally char…
Long considered definitively consigned to history, the recent difficulties of the international monetary system and the controversies they provoke demonstrate quite clearly that this is not the case. This should be welcomed, …
Classical analyses of the gold standard have generally overlooked the structural differences that existed both from an economic and a financial standpoint. The mechanisms of automatic rebalancing of balance-of-payments positi…
