International trade

Bibliographic data

Monograph

Identifikator:: 1758394757

URN:: urn:nbn:de:zbw-retromon-136209

Document type:: Monograph

Author:: Taussig, Frank William http://d-nb.info/gnd/120199459

Title:: International trade

Place of publication:: New York, NY

Publisher:: Macmillan

Year of publication:: 1927

Scope:: XXI, 425 Seiten; graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

326 INTERNATIONAL TRADE to be placed in the United States; not distress borrowings, or short-time purchases on credit, but loans of the permanent sort, designed for long-time investment. They were first made in large amounts in 1922. A relaxation of the movement came in 1923, the year of the Ruhr occupation; thereafter it proceeded at accelerating pace. The figures for these four years were: 1922 $637,000,000 1923 $363,000,000 1924 $795,000,000 1925 $920.000.000 Fe As with every export of capital, the immediate effect was a swelling of the debit side of the account. A considerable offset on the other side arose because some loans of earlier date, chiefly loans which had been contracted by foreigners during the war, were repaid. And as part of the capital movement there must be reckoned the purchases and sales of securities in the open market. Transactions of this kind, as it happened, were made in both directions during the years in question. As has already been noted, the unsettled conditions of European countries led to the so-called “flight of capital” from various parts of the Continent, taking the form (in good part) of the purchase of Amer- ican securities by uneasy property owners. On the other hand, venturesome Americans bought European securities in the expec- tation of profit from a future rise in their prices, partly for specu- lative turns, partly with a view to long-continued holding with invigorated management. The balance of the entire capital movement thus fluctuated from year to year; in 1923 it was even against the United States.! Comparing this capital movement with the interest payments, it appears that while the country had become a receiver of interest on its loans of the war and post-war periods, the capital sums which it was sending out exceeded the net sums due for interest. This new situation of the United States is a curious phenomenon, as surprising as any in this whole train of surprising events. 1 See footnote at the bottom of next page.

Access restriction

Copyright

fullscreen: International trade

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation