Book Review: The Dollar
| Author | Clarence L. Barber |
| Published date | 01 June 1955 |
| DOI | 10.1177/002070205501000217 |
| Date | 01 June 1955 |
| Subject Matter | Book Review |
144
INTERNATIONAL
JOURNAL
significant
swings
in
our
current
account,
it
is
surprising
to
learn
that
the
banks
themselves
exercise
only
a
very
limited
cushioning
effect on
the
rate.
Any
stabilizing
speculation
that
has
been
present
has
been
due
to holdbacks
or
accelerations
of normal
payments
or
to
the
flow
of
private
capital.
Closely
related
to
the
spot
market
is
the
market
in
forward
exchange and
here
Mr.
Shepherd
gives a
very
lucid
explanation
of
the
way
the
market
works,
the
part
played by
the
public
and
the
banks
and
the
relation
of
the
forward
rate
to
the
spot
rate.
He
even
attempts
some
advice
on
when to use
the
forward market
though
here
his
discussion
bogs down
in
that
almost
insoluble
question
of
whether
a
firm
should
hedge
against
the
risk
of
profits
and
losses
on
inventory
holdings.
The
author then
turns
to a
discussion
of
the
various
instru-
ments of
credit
used
by
the market,
giving
particular
attention
to
export
and
import
letters
of
credit.
A
controversial
question
in
this
field
is
whether
Canada
should
adhere
to
the
code
of
uniform
customs and
practice
for
documentary credits
sponsored
by
the
International
Chamber
of
Commerce.
Mr.
Shepherd
presents the
arguments
for
and
against
the
code
without
taking
a
position
of
his
own.
The
code
itself,
"Brochure
No.
151,"
is
included
for
those
who
wish
to
study
the
matter
further.
A
concluding
chapter
discusses
some
of
the
indirect
exchange
transactions
that
arise
out
of
attempts
to
evade
the
world's
net-
work
of
exchange
restrictions.
University
of
Manitoba
CLARENCE
L.
BARBER
THE
DOLLAR.
By
Roy
Harrod.
1953.
(London,
Toronto:
Mac-
millan.
vii,
156pp.
$2.00)
When
invited
to
give
the
Sir
George
Watson
Lectures
on
some
topic
in
the
field
of
"American
History,
Literature
and
Institu-
tions,"
Mr.
Roy
Harrod
selected
"The Dollar"
as
an
institution
of
particular
importance
in
today's
world.
Given
the
broad
scope
of
his
subject
the
treatment
is
necessarily
sketchy
and
the
author
is often
forced
to
state
his
views
with
little
or
no
sup-
porting argument.
Within
these limits
Mr.
Harrod
gives
a
valuable
brief
survey
of
the
development
of
American
monetary
institutions
and
of
the
relation
of
the
dollar
to
the
trade
and
monetary
problems
of
the
post-war
world.
Readers
of
this
journal
will
find
his
last
two
lectures
on
the
post-war monetary
institutions
and
the
dollar gap
of
particular
interest.
He
is
critical
of
the
International
Monetary
Fund
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