The Theory and Practice of Exchange Control in Germany A Study of Mo
The Classical economist of the 19th century, with his faith in the ultimate efficiency and equity of free, impersonal markets, would certainly be amazed and dismayed by the developments in foreign exchange markets during the last thirty-five years. With t
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INTERNATIONAL SCHOLARS FORUM A SERIES OF BOOKS BY AMERICAN SCHOLARS 10
ADVISORY BOARD J. ANTON DE HAAS
Professor Of International Relations at Claremont Men's College PHILIP MUNZ
Director of Rancho Santa Ana Botanic Garden WILLIAM T. JONES
Professor of Philosophy, Pomona College EDWARD WEISMILLER
Associate Professor of English, Pomona College FREDERICK HARD
President of Scripps College DAVID DAVIES
Librarian of the Honnold Library
THE THEORY AND PRACTICE
OF EXCHANGE CONTROL IN GERMANY A STUDY OF MONOPOLISTIC EXPLOITATION IN INTERNATIONAL MARKETS
by
FRANK C. CHILD Michigan State University
•
MARTINUS NIjHOFF / THE HAGUE / 1958
ISBN 978-94-015-5298-1 ISBN 978-94-015-5301-8 (eBook) DOI 10.1007/978-94-015-5301-8
Copyright I9S8 by Martinus Nijholf, The Hague, Netherlands Softcover reprint of the hardcover 1st edition I9S8 All rights rese1'Ved, including the right to translate or to f'eproduce this book or parts thereof in any form
TABLE OF CONTENTS
List of tables
VI
List of figures
IX
INTRODUCTION CHAPTER I.
CONDITIONS LEADING TO THE ADOPTION OF EXCHANGE CONTROL
4
IN DEFENSE OF THE MARK
15
III.
EARLY SPECIAL EXCHANGE PROCEDURES
30
IV.
THE THEORY OF MONOPOLISTIC TERMS OF TRADE
53
V.
OVER-VALUATION AND EQUILIBRIUM
86
VI.
EXCHANGE CONTROL IN TRANSITION
101
II.
VII. THE NEW PLAN VIII. TRADING UNDER THE NEW PLAN IX. THE GAINS FROM RESTRICTED TRADE
133 150 208
Bibliography
231
Index
238
LIST OF TABLES
1. Germany's Merchandise Trade, 1909-1913 Average and 1924-29 2. Germany's Import and Export of Capital, 1924-1929 (Net) 3. German Balance of Payments, 1929-1931 4. Indexes of German Import and Export Prices, 1929-31 5. German National Income, Unemployment, Industrial Production, Consumption and Investment - 1929-1931 6. Reichsbank Discount Rates - 1929-1931 7. Reichsbank Gold and Foreign Exchange Holdings, 1929-1931 Gold and Foreign Exchange Reserves of the Reichs8. bank, 1931-1932 9. German External Debts (excluding Reparations) 10. German Balance of Payments, 1931-32 11. German Imports and Exports, by month, 1931-32 12. Indexes of German Imports and Exports by Value, Price and Quantity 13. Quotas of German Importers, as Percent of Base Period 14. Wholesale Prices Indexes, Selected Countries 15. Index of Export Prices, Selected Countries 16. German Income and Employment Statistics, 1929-33 17. Prices of German Bonds in Foreign Money Markets, May 1931 and May, 1932 18. Germany's Trade with Clearing Agreement Countries, 1931 to 1933 19. Germany's Trade with Sondermark Agreement Countries, 1931 to 1933 20. Germany's Trade with Special Agreement Countries1931-1933 21. Germany's Trade with Selected Areas - 1931-1933
5 5 6 9 10 12 13 17 20 21 23 24 25 26 26 29 36 42 46 48 50
LIST OF TABLES
22. Production, Income, Price and Employment Statistics, 1929-1939 23. Export Price indexes, Various Countries, 1927 to 1938 24. Germany's Balance of Payments, 1933-1935 25. Germany's Balance of Trade, by Months, 1933-34 26. Gold and Foreign Exchange Holdings of the Reichsbank, 1931 to 1938 27
