The suspension of the gold standard in raw material exporting countries

In the international trade and debts, Argentina, Brazil and Australia have had similar economic set-ups. In the post-war period of balance pf payments of each of these nations was adjusted on a basis involving large capital imports and the maintenance of existing price levels for export products. With resdtricted borrowing and the recent movement of falling prices, each experienced heavy golg losses. Argentina suspended the gold standard in December, 1929, and Austrialia and Brazil in 1930. In the gold movements prior to suspensions and the monetary gold stock, Australia a large part of hers, and Brazil pratically all of her 150 million dollars of the gold reserves. The monetary experiences of these nations between 1928 and 1932 suggest general conclusions with respect to the type of gold movements described.