War borrowing

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Monograph

Identifikator:: 101124439X

URN:: urn:nbn:de:zbw-retromon-21219

Document type:: Monograph

Author:: Hollander, Jacob H. http://d-nb.info/gnd/136924867

Title:: War borrowing

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1919

Scope:: 1 Online-Ressource (215 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: The money market

Collection:: Economics Books

IV THE MONEY MARKET The prime purpose of a fiscal expedient in time of war is to supply the Treasury with funds suf ficient to meet the extraordinary requirements of national defense. The further effectiveness of a war revenue measure is gauged by its success in sat isfying the Treasury’s needs with least disturbance of the business activity of the nation and with least injustice to social classes. In matters of taxation these indirect but none the less vital tests are the re sultant pace of industry and the final incidence of tax burdens. With respect to public borrowing, the criteria are the course of the money market and the movement of prices. The course of the money market is likely to register the strain and dislocation put upon trade and industry. The movement of prices will disclose the presence and extent of mone tary inflation, with its accompaniments of social in justice and economic hardship. It becomes important, accordingly, to examine in how far the use of certificates of indebtedness in our war financing has affected the money market and the price level. In the present chapter examination will be made of the relation of our short-term bor rowing to the supply and cost of business capital; in the following chapter the effect of certificates of in- 109

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