Currency And Credit
Currency And Credit
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The result is that war finance almost invariably begins with a large amount of tem- porary borrowing. If this temporary borrowing were merely in anticipation of future receipts from loans and taxes, it need not necessarily mean any expansion of credit. The prospect of the curtailment of demand, which should occur when these future receipts are realised, might be sufficient to damp down 210 CURRENCY AND CREDIT enterprise to such an extent that the temporary borrowings by private traders would fa...ll off as much as the temporary borrow- ings of the Government increased. If that were so, the ad- ditional import of capital, direct or indirect, would necessitate some importation of gold to stimulate the creation of credit, and to attract the corresponding additional import of goods. But the presumption is that the private demand for loans will not immediately fall off. Not only is the shrinkage of demand something still in the future and uncertain, but in any case a sudden change in the character of demand tends to increase temporary borrowing.
What to read after Currency And Credit?
You can find similar books in the "Read Also" column, or choose other free books by Ralph George Hawtrey to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The result is that war finance almost invariably begins with a large amount of tem- porary borrowing. If this temporary borrowing were merely in anticipation of future receipts from loans and taxes, it need not necessarily mean any expansion of credit. The prospect of the curtailment of demand, which should occur when these future receipts are realised, might be sufficient to damp down 210 CURRENCY AND CREDIT enterprise to such an extent that the temporary borrowings by private traders would fa...ll off as much as the temporary borrow- ings of the Government increased. If that were so, the ad- ditional import of capital, direct or indirect, would necessitate some importation of gold to stimulate the creation of credit, and to attract the corresponding additional import of goods. But the presumption is that the private demand for loans will not immediately fall off. Not only is the shrinkage of demand something still in the future and uncertain, but in any case a sudden change in the character of demand tends to increase temporary borrowing.
What to read after Currency And Credit?
You can find similar books in the "Read Also" column, or choose other free books by Ralph George Hawtrey to read onlineMoreLess
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