War borrowing

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: The price level

Collection:: Economics Books

i8o WAR BORROWING flation, if liberated government deposits have gone to swell commercial deposits, or (b) actual contraction, if such liberated deposits have been used to reduce existing loans. On the other hand, if the funds with which the maturing certificates are redeemed are supplied by further borrowing, the inflation of credit will continue — to the original amount if the liberated deposits have been absorbed in loan repay ment; to a correspondingly greater amount, if they have been dispersed in increased commercial de posits. Let us turn now to the actual movement of credit and currency during the period of short-term bor rowing. In the following table are shown (a) the nominal amount of certificates of indebtedness issued each month; (b) the volume of government deposits in the Federal Reserve Banks and in the special de positary banks on the last day of each month; (c) the volume of individual deposits subject to check in the national banks at the “call” dates; (d) the volume of loans and discounts of the national banks at the “call” dates; (e) the amount of money in circulation at monthly intervals. The volume of certificates discloses the three phases in short-term borrowing, recurring in cyclical succession : (t) a period of increase or active issue in anticipation of a funded loan, (2) a period of con stancy or suspended issue during the flotation of the loan, (3) a period of reduction after the flotation of the loan, by funding into the bonds of the loan or by redemption upon or before maturity from out the proceeds of the loan. With the progress of our bor-

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