The 1930s goldstandard was a fixed exchange rate system in which deficit countries were required to adjust by way of deflation rather than devaluation.
Before the First World War, the goldstandard created a fixed exchange rate system as each country pegged the value of its currency to gold to establish its par value.
第一次民界大战之前,金本位制建立了固定汇率制,每个国家通过将本国货币与黄金挂钩来确定其货币的平价。
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Thus, the goldstandard resulted in a system of fixed exchange rates among participating nations.