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International Trade Under Depreciated Paper. A Contribution to Theory

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  • F. W. Taussig

Abstract

I. An assumed case of large foreign borrowing by a paper money country, 381. — Consequences on the rates of foreign exchange, 382. — A digression: present conditions in Germany and Europe abnormal, and little pertinent to this discussion, 384. — Effects under ordinary conditions on the prices of exported and imported goods, 386. — A transition stage; is there a bounty on exports? 388. — II. Ultimate effects, as they would be if both countries were on the gold basis, 391. — In what way, in such case, international lending may lead directly to increased exports of merchandise, 392. — But increased exports are usually the indirect consequence of gold movements, 394. — Resulting changes in relative wages and prices, 395. — No such mechanism, however, in case of depreciated paper, 396. — An analogous result, yet a different one, through the movement of goods, 397. — III. Difficulty of verifying this analysis through inductive inquiry, 400. — Partial verification of a confirmatory character not impossible, 402.

Suggested Citation

  • F. W. Taussig, 1917. "International Trade Under Depreciated Paper. A Contribution to Theory," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 31(3), pages 380-403.
    • Handle: RePEc:oup:qjecon:v:31:y:1917:i:3:p:380-403.
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    Cited by:

    1. Phillip Edmund Metaxas & Ernst Juerg Weber, 2016. "An Australian Contribution to International Trade Theory: The Dependent Economy Model," The Economic Record, The Economic Society of Australia, vol. 92(298), pages 464-497, September.
    2. repec:dau:papers:123456789/10195 is not listed on IDEAS
    3. Andrés Felipe Arias & Hernando Zuleta, 1997. "Tasa de Cambio Real e Inversión. La Experiencia de 1990-1996," Borradores de Economia 3537, Banco de la Republica.
    4. Brock, Philip L & Turnovsky, Stephen J, 1994. "The Dependent-Economy Model with Both Traded and Nontraded Capital Goods," Review of International Economics, Wiley Blackwell, vol. 2(3), pages 306-325, October.
    5. Ivo Maes, 2012. "On the origins of the Triffin dilemma: Empirical business cycle analysis and imperfect competition theory," Working Paper Research 240, National Bank of Belgium.
    6. Michael D. Bordo & Anna J. Schwartz, 1988. "Transmission of Real and Monetary Disturbances under Fixed and Floating Rates," Cato Journal, Cato Journal, Cato Institute, vol. 8(2), pages 451-475, Fall.

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