.Chapter 11. However, research has shown that countries often reversed the steps mentioned above and sterilized gold flows, that is sold domestic assets when foreign reserves were rising and bought domestic assets as foreign reserves fell. Government interference with private gold exports also undermined the system. The picture of smooth and automatic balance of payments adjustment before World War I therefore did not always match reality.然而，研究表明各国经常反道而行之，他们制止黄金的流动，也就是说，当外国储备升高时他们售出国内资产，而当
