Leads and Lags. The Main Cause of Devaluation.

First edition. 8vo. xi, [1], 169, [1] pp. Original black cloth, spine lettered in silver, dust jacket. A fine copy. London, Macmillan; New York, St Martin's Press.

A stimulating study by the Romanian-British financial journalist Paul Einzig (1897-1973) which seeks to demonstrate that the 'main cause of the heavy and persistent selling pressure on sterling that led to devaluation was leads and lags - the practice of importers to put forward their demand for foreign exchanges, and the practice of exporters to delay the receipt of the proceeds of their sales whenever sterling came under suspicion' (dust jacket blurb).

Einzig was foreign editor of the Financial News and later political correspondent for that paper and the Financial Times. He was the author of fifty-seven books between 1929 to 1973, focusing on monetary policy, foreign exchange operations, international relations, and the world economic system. 

Stock Code: 247843