Adjustable peg system, 39
inconsistent objectives, 43–45
problems with, 42–47
speculation, 47–49
Age of inflation, 18–20
Balance of payments (BOP), 4, 23, 29, 35–36, 77
Balance of trade (BOT), 22, 23, 24–25
Balance sheet
changes with intervention, 70
net changes in, 57
Black markets, 58–62
BOP. See Balance of payments
BOT. See Balance of trade
British pounds, market for, 41, 48
Central banking, 7, 24, 32, 43, 56–57
Commodity money, 14–15
foreign exchange markets, 27–28
Hume price-specie flow mechanism, 28–31
Deflation, 13, 19
Domestic monetary autonomy, 35–37, 40
Economic instability, 37–39
The Economist, 1
ER. See Exchange rate
Exchange rate (ER), 64
Exchange rate regimes, 21–22
FGM. See Fiduciary money
Fiat money, 17, 18–20, 63–74
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