Map of Rosso

Map of Rosso on In the heyday of the international GOLD STANDARD (18701914), central banks, where they existed (experts identify only 18 such institutions in 1900), were responsible for maintaining the convertibility of a nation’s currency into gold. Under normal conditions, this responsibility limited the issuance of currency. In times of war, financing government debt took precedence (generally requiring central banks to issue additional currency) and convertibility was suspended. When the international gold standard was suspended at the outbreak of WORLD WAR I, the convertibility constraint disappeared. Despite several attempts to restore the gold standard and modified versions of the gold standard (including the BRETTON WOODS system that lasted into the early 1970s), monetary policy was forever changed in 1914. During the early 20th century, central banks discovered the power of MONETARY POLICY and have been exercising this power to influence macroeconomic events ever since. Monetary policy refers to the manipulation of the money supply and interest rates to achieve macroeconomic objectives. Map of Rosso 2016.

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