International trade

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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 331 impact of gold movements into the country and out of it — were the unexampled trade conditions of the war and post-war periods. All previous rules and traditions concerning the amounts of reserve which central banks should acquire and might be expected to main- tain were shattered. The Federal Reserve Banks, guided in their policy by the Reserve Board and by their own officers as well, could hardly do otherwise than let their vast gold holdings serve as a reservoir into which and out of which gold might move by the hundreds of millions without affecting credit conditions, the price level, the currents of international trade. Neither inflow nor outflow had the effects which the received doctrines contemplate ; nor indeed, so far as one can guess, could they have had these effects, under the conditions then prevailing,whatever the guiding authorities might have tried to approve or to veto. It would carry us beyond the scope of the present volume to enter on the questions of monetary theory which are raised by these experiences. Questions of the same sort, and no less per- plexing as regards their bearing on the theory of money and prices, are raised by the monetary experiences of European countries during the same years. When more time has elapsed and a nearer approach to a normal economic situation has been reached, the enigmas may prove less baffling than they appeared at the time, the eventual outcome more in accord with familiar doctrines. But it is clear that we must be cautious in applying the familiar doc- trines of international trade to the interpretation of this quite extraordinary situation. Take what is perhaps the most significant aspect of all: that equalization (approach to equalization) between the money values of imports and exports which, as we have seen, was reached by 1923. Such an excess of exports as that of the war years was obviously abnormal and could not persist. But the return to some- thing like normal conditions was not reached by the process which our general reasoning leads us to regard as normal. The inflow of specie which would presumably ensue with the continuing enor- mous excess of exports was belated. When it did set in, after 1919, it came with a rush. And when finally the gold poured in,

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