在金本位制下，各国可能会为了在有限的世界黄金储备中扩大自己的份额而实行极端的货币紧缩政策。在储备货币本

位制下，各国的债券可以完全替代时，这种情况会发生吗？

Under a gold standard，countries may adopt excessively contractionary monetary policies as all scramble in vain for a larger share of the limited supply of world gold reserves．Can the same problem arise under a reserve currency standard when bonds denominated in different currencies are all perfect substitutes？