AFTALION (Albert)
    GOLD AND MONEY. THEIR VALUE. GOLD FLOWS
Édition :
    Paris
Date :
    1938
    in-8, br., (lightly faded), 124 p.
    Largely unknown for many years, Aftalion has partially emerged from obscurity since the publication of Fl. Huart and Ph. Rollet's book, *Albert Aftalion and Exchange Rate Theories*. The two works we have (see below) are the sources of the two authors' thinking: “Albert Aftalion developed a critical analysis of the theory of purchasing power parity (PPP) and the balance of payments theory. He then questioned the possibility of constructing a theory of the “normal” exchange rate, or long-term equilibrium exchange rate. Our text explains how he came to deny the existence of a normal exchange rate level: the eminently psychological nature of the determinants of the short-term exchange rate leads to the indeterminacy of the long-term exchange rate, which is not only impossible to measure precisely but also unstable. Therefore, there is no automatic return of the exchange rate to a supposedly normal level.”

Référence : 24735

Mots-clés : Banking and Stock Exchange

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