If a country's current loans are equal, the supply and demand of foreign exchange are balanced and the exchange rate remains unchanged; When a country's current creditor's rights are greater than its debts, the foreign exchange supply is greater than its demand, and the local currency appreciates; A country's current debt is greater than its creditor's rights. Then foreign exchange demand exceeds supply, and the local currency depreciates. In addition to international lending factors, factors such as price, gold stock, credit status and interest rate level will also have an impact on exchange rate changes. Ghosn believes that interest rate changes will cause international capital flows, and then affect the price of spot bills, and then affect the exchange rate. This analysis of interest rate factors was once considered as a great contribution of Ghosn to exchange rate theory in19th century.

Although the theory of international lending is based on the gold standard, it is bound to have some shortcomings, but its thought is still enlightening.