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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The past

Collection:: Economics Books

4 WAR BORROWING sustained though it has been, has had to do almost exclusively with the relative extent to which public borrowing should be used in war finance, to the virtual neglect of the particular manner in which such borrowing should be effected. Interest rate, maturity, amortization are details of fiscal tech nique— the determination of which must in the last instance be left to the financial administrator. But there are larger and more fundamental problems of war-time borrowing which may not be so dismissed. Shall the nation raise its loans by long-term obliga tions absorbed directly by public subscription? Shall the borrowing be in the form of temporary loans discharged or renewed from time to time as maturing? Shall the proceeds of popular long-term loans be anticipated by short-term bank borrowings? Each policy is attended with distinctive conse quences, not only as to the supply of public funds but as to the wider effects upon national industry and economic well-being. Upon one of these courses — short-term borrow ing in anticipation of the proceeds of funded loans — our own country, following hard upon recent European experience rather than traditional Ameri can practice, has entered. If not unconsciously chosen, there has been at least little public compre hension of this procedure and even less examination of its consequences. The close of the first phase of our war financing, with the prospect of further extraordinary expenditure imminent enough to jus- for War,” papers presented at the joint conference of the Western Economic Society and the City Club of Chicago, June 21-22, 1917.

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