Gold Standard Rebuilding.pdf

Here is a detailed but concise summary of the article in English:

The article discusses the impact of the 1925 British gold standard restoration on the London foreign exchange market. After World War I, the international financial order changed, and the US emerged as a major lender, leading to an increase in dollar-denominated transactions. The London foreign exchange market, which had been relatively inactive before the war, began to grow, with the US dollar and European currencies being traded against the pound.

The article highlights the development of the London foreign exchange market in the 1920s, including the emergence of forward exchange trading and the growth of telephone-based trading. The market was characterized by the presence of merchant banks, foreign banks, and British overseas banks, which acted as dealers and brokers.

The restoration of the gold standard in 1925 had a significant impact on the London foreign exchange market. The gold standard fixed exchange rates, which reduced the risk of exchange rate fluctuations. However, the article suggests that policymakers at the time may have underestimated the potential impact of the gold standard on the foreign exchange market.

The article also discusses the role of the Bank of England and other financial institutions in shaping the London foreign exchange market. The Bank of England's policies, including its decision to restore the gold standard, had a significant impact on the market.

Overall, the article provides a detailed analysis of the development of the London foreign exchange market in the 1920s and the impact of the gold standard restoration on the market. It highlights the complexities of the international financial system during this period and the challenges faced by policymakers in managing the system.