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The gold parity that would avoid any transitional inflation or deflation is something close to the current price dollar price of gold.
Protecting gold reserves and gold parity of national currencies led to tighter monetary and fiscal policies, then deflation.
Thereafter, demand for gold coin and certificates soared, reflecting domestic fear of devaluation and speculative purchases of sterling, as the incoming Roosevelt administration raised doubts about its commitment to the existing gold parity.
Though devaluation was possible by raising the gold parity in national currency, it was rare.
Consequently, the resources upon which any one country could draw when its gold parity was under attack far exceeded its own reserves.
Defending the gold parity might require the authorities to sit idly by as the banking system crumbled, as did the Federal Reserve System at the end of 1931 and again at the beginning of 1933.
6) Although determined to restore the prewar gold parity, the British had to wait for price deflation and sterling appreciation.
By December 1922, Britain's decision to restore the prewar gold parity seemed sagacious and reasonable, as the dollar-pound exchange rate had reached $4.