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

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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:
1918-1945
Currency question > Germany.
Inflation (Finance) > Germany.
Inflation > Allemagne.
Currency question
Economic history
Inflation (Finance)
Germany > Economic conditions > 1918-1945.
Allemagne > Conditions économiques > 1918-1945.
Germany
Acceso en línea:Texto completo
Tabla de Contenidos:
  • 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.
  • 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.
  • 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.
  • 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.
  • 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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