Chap10 The International Monetary System(10)

The Period Between The Wars: 1918-1939The gold standard worked fairly well from the 1870s until the start of World War I in 1914 从19世纪70年代直到1914年开始在第一次

世界大战以来金本位制度一直表现得不错

During the war, many governments financed their war expenditures by printing money, and in doing so, created inflation 战争期间，许多

国家的政府通过印钞票的方式来应对他们的战争开支，这样 做的结果导致了通货膨胀People lost confidence in the system and started to demand gold for their currency putting pressure on countries' gold reserves, and forcing them to suspend gold convertibility 人们对金本位失去了信心并，

为了货币而需要黄金，并开始对国家的黄金储备施加压力, 迫使他们停止兑换黄金By 1939, the gold standard was dead山东经济学院·国际贸易学院 School of International Trade, Shandong Economic University 1-10

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