Some Chapters On Money: Printed for the Use of Students in the University of Michigan
Some Chapters On Money: Printed for the Use of Students in the University of Michigan
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When standard money consists of irredeemable notes, fluctuations in the value of which, as measured in the metal which forms the standard of the great world mar- kets, can be followed in the fluctuations in the rate of exchange on those markets.
The rate of exchange, as we have already learned, is the price paid in one country for the right to claim money in another country. Thus, the rate of exchange on London in New York is the price which has to be paid in New * This paragraph overstates the... case as respects the promptness and completeness of the movement.
PRINCIPLES GOVERNING ITS VALUE 193 York in dollars for the right to claim a pound sterling in London. Now, supposing our money unchanged in value, this price for London exchange has only a very limited range within which it can fluctuate, viz., $4,835 to $4,895.
If, then, we should note in the newspaper an item that exchange on London was at $8, we should know that the value of our money had fallen greatly or that the value of English money had risen greatly.
What to read after Some Chapters On Money: Printed for the Use of Students in the University of Michigan?
You can find similar books in the "Read Also" column, or choose other free books by F M Fred Manville Taylor to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
When standard money consists of irredeemable notes, fluctuations in the value of which, as measured in the metal which forms the standard of the great world mar- kets, can be followed in the fluctuations in the rate of exchange on those markets.
The rate of exchange, as we have already learned, is the price paid in one country for the right to claim money in another country. Thus, the rate of exchange on London in New York is the price which has to be paid in New * This paragraph overstates the... case as respects the promptness and completeness of the movement.
PRINCIPLES GOVERNING ITS VALUE 193 York in dollars for the right to claim a pound sterling in London. Now, supposing our money unchanged in value, this price for London exchange has only a very limited range within which it can fluctuate, viz., $4,835 to $4,895.
If, then, we should note in the newspaper an item that exchange on London was at $8, we should know that the value of our money had fallen greatly or that the value of English money had risen greatly.
What to read after Some Chapters On Money: Printed for the Use of Students in the University of Michigan?
You can find similar books in the "Read Also" column, or choose other free books by F M Fred Manville Taylor to read onlineMoreLess
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