Currency Appreciation as an Anti-Inflationary Device

Abstract

I. Scope of paper, 448. — II. Appreciation as a remedy for externally induced inflation, 450. — III. Appreciation versus relaxation of restrictions, 451. — IV. Appreciation in cases not characterized by an external surplus, 453. — V. Appreciation and the terms of trade, 456. — VI. Sterling appreciation and British terms of trade, 458. — VII. Conclusion, 461.