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

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

THE UNITED STATES, III. AFTER 1914 327 The way in which it differs from the ordinary or expected course of events — from the “normal” — deserves attention. The transition from a borrower's position in international trade to that of a creditor ordinarily has taken place by a gradual process, spread out over decades or even generations. Even the transition from the earlier stages of borrowing to its later stages is usually spread over many years. Let us recapitulate. First, there is the initial stage, with an excess of imports as its concomitant ; then, as interest accumulates, a gradual lessening of that excess ; then a hesitating period, with a roughly even balance of imports and exports; finally, an excess of exports which serves to meet the accumulated interest payments. A half-century may elapse between the first and the last stages. Of this general character, as we have seen, was the succession of events in the international trade of the United States during the pre-war period. If there- after the borrowing country grows rapidly in wealth, and accumu- lates capital very fast — as the United States did — it is to be expected that, in the usual course of peaceful trade, still another series of stages will appear. The country may begin to pay off its foreign debts, buying back the securities held abroad by for- eigners and the properties owned by them within its own borders, The following figures show both sides of the capital movement during the four years in millions of dollars: YEAR 1922 1923 1924 1925 Credit OUTSTANDING SECURITIES SOLD, ForeieN BoxNps REDEEMED, PRINCIPAL OF INTER- ALLy DEBT PAID ]7 57% Debit NEW SECURITIES BouGaT (FrEsH LOANS) AND OUTSTANDING SECURITIES BOUGHT NAY 7 ang ull Net Credit (+) Net Debit (-) 3 J9 122 4392 I take these figures from the consolidated statement, just referred to, published by the Department of Commerce in 1926 ; but do not follow the practice of regard- ing the inflow or outflow of U. S. paper money (a minor item) as part of the capital movement.

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