Involuntary Foreign Lending

Name: Involuntary Foreign Lending
Author: Machlup

1965

by Machlup

Exchange RatesFritz MachlupGold ReservesAustrian SchoolCapital TheoryKnut WicksellLudwig von MisesCapital MovementsGold StandardInternational LiquidityEconomic DevelopmentBalance of PaymentsInflationMoney SupplyFederal ReserveMonetary TheoryProductivityLiquidityMonetary PolicyExchange ControlCredit ExpansionDevaluationMercantilismNationalismClassical EconomicsDeflationNeoclassical EconomicsRobert TriffinBankingCentral BankingForced SavingSavingCommodity MoneyTerms of TradeInternational Monetary FundJohn Maynard KeynesJacques RueffJan TinbergenPaul Samuelson

Table of Contents · 39 segments

Front Matter and Contentsessay

Prefaceessay

Introduction: The Argument of Involuntary Foreign Lendingessay

First Lecture: Statistical Balances and Balance-of-Payments Accountingchapter

Net Creditor Position, Liquidity Measures, and the Dollar Shortage-to-Glut Transitionchapter

Reserve Appetite, Blame for the Deficit, and Economic Interdependencechapter

Possible Causes of the Deficit: Opening Questionchapter

Possible Causes of the U.S. Payments Deficit: Plausible Hypothesesessay

Inflation of Money Supply and Prices in the United Statesessay

Inflation of Domestic Bank Credit in the United Statesessay

Noninflationary Cost Increases and European Cost Reductionsessay

Excessive Devaluations of European Currenciesessay

Inappropriate Interest-Rate Differentialsessay

Transfer Problem of Excessive Remittances and Capital Exportsessay

Excessive Long-Term Capital Exportsessay

Excessive Outflows of Speculative Short-Term Fundsessay

The Score Cardessay

The Score Card (continued)essay

Possible and Actual Complaints of Surplus Countriesessay

Complaints about Imported Inflationessay

Complaints about Foreign Capitalessay

Military Expenditures and French Financingessay

Complaints about Delay in Adjustmentessay

The Thesis of Involuntary Lendingessay

Second Lecture: Official Reserves under Alternative Systemschapter

Domestic Cash Holding and Implicit Lending: Legal and Economic Conceptstheoretical

Domestic Cash Holding: Abstaining, Forced Saving, and Induced Abstainingtheoretical

Domestic Cash Holding: Beneficiaries and Commodity Moneytheoretical

Foreign Reserve Holding: Receiving International Moneytheoretical

Implicit and Explicit Foreign Lending and Abstainingtheoretical

Forced and Induced Foreign Abstaining, Beneficiaries, and Goldtheoretical

Fiduciary Reserves: Creation, Swaps, and Gratis Reservestheoretical

Fiduciary Reserves: Deficit Financing, Reserve Demand, and Involuntary Lendingtheoretical

Gold Reserves: Preference, Confidence, and Raising the Gold Pricetheoretical

Gold Reserves: Reducing the Gold Price and the Verdict on Goldtheoretical

No Official Reserves and Flexible Exchange Ratestheoretical

The United States as World Banker: Banking Functions and Dollar Balancestheoretical

The U.S. Deficit, Switzerland, and the Costs of World Bankingessay

Back Matter: Wicksell Lectures Series and Catalog Informationbibliography