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Extra resources for Monetary nationalism and international stability
I, chapter 4. * And, conversely, in the country towards whose product an additional money stream is directed, this might very well lead to a rise in the rate of interest. It seems that we have been led to regard what happens to be the rule under the existing mixed systems as due to causes much more fundamental than those which actually operate. But this leads me to the most important difference between the cases of a " purely metallic " and that of a " mixed " currency. To the latter case, therefore, I now turn.
The defects of the mixed system which I have pointed out are not defects of a particular kind of policy, or of special rules of central bank practice. They are defects inherent in the system of the collective holding of proportional cash reserves for national areas, whatever the policy adopted by the central bank or the banking system. What I have said provides in particular no justification for the common infringements of the " rules of the game of the gold standard ", except, perhaps for a certain reluctance to change the discount rate too frequently or too rapidly when gold movements set in.
But all this was not due to an initial shift in the conditions of demand or to any of the causes which may affect the condition of a particular country under stable exchanges. It was an effect of the change in the external value of the pound. It was not a case where with given exchange rates the national price or cost structure of a country as a whole had got out of equilibrium with the rest of the world, but rather that the change in the parities had suddenly upset the relations between all prices inside and outside the country.