Shorter Notices
| Date | 01 September 1966 |
| Published date | 01 September 1966 |
| DOI | 10.1177/002070206602100350 |
| Subject Matter | Shorter Notices |
Shorter
Notices
GOLD
OR
CREDIT
9
The
Economics
and
Politics
of
International
Money
By
Francis
Cassell.
1965.
(New
York:
Frederick
A.
Praeger.
To-
ronto:
Burns
&
MacEachern.
ix,
216pp.
$7.25)
The
author
of
this
excellent
study
of
international
monetary
ar
rangements
today,
of
their
evolution
since
1919
and
of
proposals
for
their
reform,
is
the
assistant
editor
of
The
Banker
The
book
is
destined
for
the
general
reader
and
is
non-technical
without
being oversimplified.
Its
criticism
of
the
present
gold
exchange
standard
and
its
evaluation
of
the
possible
directions
of
change
towards
an
automatic
gold
standard
on
the
one
hand
and
towards
an
international
central
bank
on
the other
(Cassell
favours the
latter)
are
sensible,
though
limited
to
what
are
conceived
of as
"practical"
alternatives.
A
brief
attempt
to
explain
governmental
policies
in
terms
of
the
limiting
effect
of
different
international
monetary
arrangements
on
national
sovereignty
is
philosophically
more ambitious
but
is
vitiated
by
an
unrecognized
usage
of
the
term
sovereignty
in two
different
implicit
senses
in
different
places
in
the
text.
In
places
sovereignty
is
legal
freedom
to
act,
in
others
it
is
the
effectiveness
of policy
to
reach
a
particular
economic
goal.
[H.
C.
EASTMAN]
THE
EURo-DOLLAR
SYSTEM.
Practice
and Theory
of
International Interest
Rates.
By
Paul
Einzig.
1965.
(London:
Toronto:
Macmillan.
xii,
183pp.
$6.00)
Dr.
Einzig's
book
also deals
with
international
monetary
relations,
but
with
only
a very
small
and
hitherto little
known
part
of
them.
This
is
the
best
single
source
of
information
on
the
Euro-dollar
market.
During
the
past
ten
years
the
practice
has
grown
on
the
part
of
holders
of
U.S.
dollars,
be
they banks,
firms
or
central banks
including
East
European
central
banks
of
lending
their
dollar
holdings
outside
the
United
States
for
financial
and
trading
purposes
rather
than
leaving
them
as
time
deposits
or
invested
in
short
term
securities
within
the
United
States.
The
resulting
international
money
market
has
tended
to
reduce
international
differentials
in
interest
rates
by
permitting
a
more
even
international
distribution
of
financial
resources.
It
has
increased
competition
between
banks nationally
and
internationally
thus
improv-
ing
the
efficiency
of
financial
markets.
It
has
also increased
the
liquidity
of
the
European
banking
system
and
mitigated
the
shortage
of
inter-
national
liquidity
feared
by
some
experts.
These
benefits
are
provided
with
a
disregard
for
credit
worthiness
that
may
perhaps
cause
difficulties
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