F.A. HAYEK

CONTENTS
LECTURE I. National Monetary Systems 1
1. Theoretical character of these lectures, p. 1;
2. Monetary Nationalism and national monetary systems,
p. 4; 3. A homogeneous international currency,
p. 5; 4. The mixed or national reserve system, p. 8;
5. Independent national currencies, p. 14.
LECTURE II. The Function and Mechanism of International
Flows of Money 17
1. The functions of redistributions of the world's
stock of money, p. 17; 2. The mechanism under a system
of purely metallic currencies, p. 19; 3. The mechanism
under a regime of mixed currencies, p. 25; 4. The
rile of central bank policy, p. 32.
LECTURE III. Independent Currencies 36
1. National stabilisation and international shifts of
demand, p. 35; 2. The position in the country adversely
affected, p. 38; 3. The position in the country
favourably affected, p. 41; 4, Causes of the recent
growth of Monetary Nationalism, p. 43; 5. The significance
of the concepts of inflation and deflation applied
to a national area, p. 47.
LECTURE IV. International Capital Movements 54
1. Definition and classification of capital movements,
p. 54; 2. Their mechanism under a homogeneous international
currency, p. 57; 3. Under national reserve
systems, p. 60; 4. Under independent national currencies,
p. 63; 5. The control of international capital
movements, p. 68.
LECTURE V. The Problems of a Really International Standard
73
1. Gold as the international standard, p. 73; 2. The
" perverse elasticity " of our credit money, p. 76; 3. The
Chicago Plan of banking reform, p. 81; 4. Exchange
rates and gold reserves, p. 84; 5. Credit policy of the
central banks, p. 88; 6. Conclusions, p. 92.