Forstwirtschafts-Politik

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Monograph

Identifikator:: 1013266285

URN:: urn:nbn:de:zbw-retromon-23296

Document type:: Monograph

Author:: Lenz, Adolf http://d-nb.info/gnd/11764000X

Title:: Der Wirtschaftskampf der Völker und seine internationale Regelung

Place of publication:: Stuttgart

Publisher:: Verlag von Ferdinand Enke

Year of publication:: 1920

Scope:: 1 Online-Ressource (XVI, 315 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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

SOME EXPERIENCES UNDER PAPER MONEY 401 correspondingly low. But there is nothing to show in what manner and to what extent the prices of exported goods and the rates of exchange would have eventually adjusted themselves if borrowing had gone on in the same way for many years. The experiment did not last at all long enough to verify the conclusions concerning ultimate effects. We are reduced, as so often, to fragmentary substantiation, to the necessity of piecing together scanty and scattered bits of evidence, to general presumption and inference. Similar in some respects, different in others, was the experience of Argentina under a paper money régime. It was similar in that there was international borrowing on a great scale, followed by sudden cessation of the borrowings. It was different in that the Argentine paper money, far from being stable, fluctuated greatly in volume. The period which is of interest for the present purpose runs from 1880 to 1900. The Argentine borrowing took place during the first decade, and especially during the years just before 1890. The abrupt cessation of borrowing came in 1890, and in the second decade there was no borrowing at all; on the contrary, nothing but payment of interest on old loans. As in the case of the United States, the loans were made by British bankers and investors, chiefly for railway construction. The Baring crisis of November, 1890 (the Barings had been the banking house mainly concerned), brought the operations to a sudden halt; that crisis has the same position in the Argentine episode as has the crisis of 1873 in that of the United States. In both countries there was a culmina- tion of speculation, with sharp revulsion to a period first of depres- sion and standstill, then of gradual recovery. Further, the relation between the imports and exports of Argen- tina in 1880-1900 shows a close parallel to that which appeared in the United States in 1869-79. Imports greatly exceeded exports until 1890; thereafter exports exceeded imports. The overturn was as sudden and as complete in the one case as in the other. ! The suspension of the Barings came in November, 1890; in the Argentine the rTisSisS was at its worst in the spring of 1801.

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Object: International trade

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