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Economics of Inflation : a Study of Currency Depreciation in Post-War Germany, 1914-1923.

The Economics of Inflation provides a comprehensive analysis of economic conditions in Germany under the Great Inflation and discusses inflationary conditions in general. The analysis is supported by extensive statistical material. * For this translation the author thoroughly revised the original wo...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Bresciani-Turroni, Constantino
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Taylor & Francis, 2013.
Temas:
Acceso en línea:Texto completo

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520 |a The Economics of Inflation provides a comprehensive analysis of economic conditions in Germany under the Great Inflation and discusses inflationary conditions in general. The analysis is supported by extensive statistical material. * For this translation the author thoroughly revised the original work * Includes an appendix on German economic conditions in the years following the monetary reform, 1923-24. 
505 0 |a Cover -- Title -- Copyright -- Foreword -- Contents -- List of Tables -- Appendix of Tables -- List of Diagrams -- Preface to the English Edition -- I Foreign Exchanges and Internal Price Movements in Germany, 1914 to 1923 -- An Outline of Events -- 1914 to the Armistice -- From the Armistice till the Signing of the Treaty of Versailles -- From July 1919 to February 1920 -- From February 1920 to the Acceptance of the Ultimatum of London -- From May 1921 to July 1922 -- July 1922 to June 1923 -- June 1923 to the Introduction of the Rentenmark -- Summary of Exchange Rates and Prices from 1914 to 1933 -- II The National Finances, the Inflation and the Depreciation of the Mark -- APPENDIX TO CHAPTER II The Foreign Exchanges under Conditions of Inconvertible Paper Money -- The Determination of Exchange Rates -- Influence of Non-Merchandise Transactions on Exchange Rates -- The Influence of Transport Costs -- Exchange Rates in the Case of Very Elastic Schedules of International Demand for Commodities -- Relations between Exchange Rates and Prices of Domestic Commodities -- PART ONE -- The Helfferich Explanation of the Depreciation of the Mark -- The Conditions of the National Finances during the War -- Income and Expenditure of the Reich from 1919 to 1923 -- The Causes of the Depreciation of the Mark in 1919 -- The Depreciation of the Mark during the Financial Year 1920-21 -- The Discussions concerning the Financial Reform and the Financial Compromise of March 1922 -- The Conditions of the National Finances in 1921 and 1922 -- The Conditions of the Reich Budget after the Occupation of the Ruhr -- The Influences of the Depreciation of the Mark on the Receipts of the Reich -- Influences of the Depreciation of the Mark on the Expenditure of the Reich -- The Errors and Weaknesses of German Financial Policy -- PART TWO -- The Policy of the Reichsbank. 
505 8 |a The Apparent Scarcity of the Circulating Medium -- The Increase in the Issues of Paper Money -- PART THREE -- The Depreciation of the Mark and the Disequilibrium of the Balance of Trade -- The Balance of Payments after the End of the War -- Abnormal Conditions of the Foreign Exchange Market -- PART FOUR -- Payments under the Treaty of Versailles -- The Influence of Reparation Payments on the Value of the Mark -- PART FIVE -- The Influence of Speculation on the Value of the Mark -- The Influence of Certain Classes of German Industrialists on the Depreciation of the Mark -- III The Divergences between the Internal Value and the External Value of the Mark -- APPENDIX TO CHAPTER III On Certain Methodological Questions regarding the Calculation of the Depreciation of the Mark -- Arithmetic and Harmonic Averages of the Value of the Gold Mark expressed in Paper Marks -- The Geometric Mean of the Daily Exchange Rates of the Gold Mark -- Some Historical Examples -- The Various Measures of the Depreciation of a Paper Currency -- Some Opinions on the Relations between the Internal and External Values of the Mark -- Difficulties in ascertaining Exchange Rates and Internal Prices in Germany -- The War Period -- Relations between the External and Internal Values of the Mark after 1918 -- The Sensitiveness of the Various Classes of Prices -- The Rapid Adaptation of Internal Prices to the Variations of the Exchange in the Last Phases of the Depreciation of the Mark -- Monetary Phenomena observed during the Last Phase of the Depreciation of the Mark -- IV Relations between the Total Value and the Quantity of Paper Money in Circulation -- An Economic Sophism -- The Fall of the Total Value of the Paper Money in Circulation in an Advanced Phase of Inflation. Explanation given by Keynes and Marshall. 
505 8 |a Relations between the Quantity of Paper Money, Prices, and the Foreign Exchange Rates in an Advanced Phase of Monetary Depreciation -- Variations in the Velocity of Circulation of the German Mark, 1914-22 -- The Total Real Value of Marks in Circulation in 1922 and 1923 -- Bortkiewicz's Views on the Causes of the Increase of the Velocity of the Circulation of the Paper Mark -- Objections to the Bortkiewicz Theory -- V The Influences of the Depreciation of the Mark on Economic Activity -- The Opinions of the Classical Economists about the Effects of the Monetary Inflation on Production -- "Forced Saving" imposed on Some Classes by the Inflation, as the Source of the New Resources -- Relations between the Depreciation of the Mark and Unemployment -- Economic Activity in Germany from October 1921 to the Summer of 1922 -- Certain Statistics of Production in Germany in the Years 1920-23 -- Disturbance in the Direction of Economic Activity -- The Production of Instrumental Goods -- The Expansion of Germany's Productive Equipment during the Inflation -- The Formation of the Great Post-War Industrial Groups -- The Influences of the Monetary Inflation on Industrial Concentration -- The Situation of the Private Credit Banks during the Inflation -- The Influence of the Inflation on Economic Production in an Advanced Phase of the Depreciation of the Mark -- The Increase of Unproductive Work -- The Decline in the Intensity of Labour -- The Suspension of the Natural Selection of Firms -- The Difficulties of National Production -- The Economic Crisis caused by the Inflation in 1923 -- VI The Depreciation of the Mark and Germany's Foreign Trade -- Differences of Opinion between Economists about the Influence of the Paper Inflation on the Balance of Trade -- Relations between Inflation and the Balance of Trade in Various Phases of the Depreciation of the Mark. 
505 8 |a Influences of the Depreciation of the Mark on the Volume of Exports -- Influences of the Depreciation of the Mark on the Volume of Imports -- Influences of the Depreciation of the Mark on the Composition of the Export and Import Totals -- The Supposed "Invasion" by German Goods -- Causes which limited the Expansion of German Exports during the Depreciation of the Mark -- Influences of the Depreciation of the Mark on Invisible Exports -- Relations between Exports and Production during the Monetary Depreciation -- Errors in German Statistics of the Aggregate Value of Exports -- The Influence of the Depreciation of the Mark on Prices of Exported Goods -- Certain Statistics of Export Prices -- Comparisons between Prices in the World Market, in the German Market, and Prices of Goods Exported from Germany -- The Ratio of Interchange between German and Foreign Goods -- VII The Course of Prices of Industrial Shares during the Paper Inflation -- Methodological Observations -- The Course of Share Prices in 1919 -- The Close Connection between Share Prices and the Dollar Rate in 1920 and 1921 -- The Fall in the Prices of Industrial Shares in 1922 -- The Increase in the Price of Shares Towards the End of 1922 and during 1923 -- The Question of the "Gold Balance Sheets," -- Principal Results of the New "Gold Balance Sheets," -- The Capital of the Principal German Industrial Groups in 1924 -- Conclusion -- VIII Social Influences of the Inflation -- PART ONE -- War Profits -- The Post-Armistice Social Revolution -- The Origin of the Great Private Fortunes amassed during the Inflation -- Speculation on the Bourse during the Inflation -- The Great "Inflation Profiteers," -- Unfavourable Effects of the War and the Inflation on Certain Classes of Great Wealth -- PART TWO -- German Statistics of Working-class Wages. 
505 8 |a The Calculation of the Real Wages during a Time of Rapid Monetary Depreciation -- The Effects on Wages of the Political Upheaval of November 1918 -- The Influence of the Inflation until the Summer of 1922. The Fall in Real Wages and Increase of Employment -- Real Wages and Unemployment in the Last Phases of the Depreciation of the Mark -- The Variability of Workers' Incomes during the Inflation -- The Tendency to Equality of Wages of Different Classes of Workers -- PART THREE -- The Position of Owners of Marketable Securities -- The Losses suffered by Small Shareholders -- The Holders of the Fixed Interest Securities and Mortgage Bonds -- The Question of the "Revaluation" of Old Credits expressed in Paper Marks -- The Decree of February 14th, 1924, and the Law of July 16th, 1925, on "Revaluation," -- Special Taxes on Inflation Profits -- The Revaluation of Government Securities -- The Incomes of Government Employees and of the Professions during the Inflation -- The Poverty of Certain Social Classes during the Inflation -- Some Political, Demographic, and Moral Consequences of the Inflation -- IX The Monetary Reform of November 1923 -- Characteristics of the Monetary Reform -- The Position in Germany at the Time of the Monetary Reform -- Some Explanation of the "Miracle" of the Rentenmark -- The Substitution for Legal Tender Currency of Other Means of Payment, during the Last Phase of the Inflation -- Circumstances which favoured the Success of the German Monetary Reform -- Monetary and Banking Policy during 1924 -- The New German Currency: the Reichsmark -- Financial Policy in 1924 -- X The Stabilization Crisis -- The Scarcity of Working Capital immediately after the Monetary Inflation -- The "Conversion of Circulating Capital into Fixed Capital" during the Inflation -- The Causes of the Shortage of Capital. 
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