BIBLIOGRAPHY

I. OFFICIAL PUBLICATIONS AND PUBLIC DOCUMENTS

Czechoslovak Republik. Statni urad statistickY. Annuaire statistique de la Re-publique Tchr!coslovaque. Annual issues, 1934-38.

-. Aperfu statistique de la Republique Tchr!coslovaque. Prague, 1930. Eesti Panko Estonian Economic Year-Book for I936. Tallin, 1937. Estonia. Riigi statistika keskbiiroo. Eesti arvudes I920-I935 (Estonie en chiffres;

resume retrospectif de I920-I935). Tallin, 1937. Estonie de I920-I930; resume retrospectif. Tallin, 1931. Viiliskaubandus (Commerce exterieur de I'Estonie). Annual issues, 1921-1938. (Pullerits, Albert, ed.) Estland, 20 Jahre Selbstiindigkeit. Tallin, 1938. (Pullerits, Albert, ed.) Estonia: Population, Cultural and Economic Life.

Tallin, 1937. Great Britain. Department of Overseas Trade. Economic Conditions in Czechoslo­

vakia. Various issues, 1921-1937. -. Economic Conditions in Lithuania. London, November, 1935. Latvia. Valsts statistiska parvalde. Latvijas areja tirdznieciba un tranzits, I929

(Commerce exterieur et transit de la Lettonie, I929). Riga, 1929. -. Latvijas statistikiis gada griimata (A nnuaire statistique de la Latvia). Annual

issues, 1929-1939. League of Nations. Conditions of Private Foreign Investment. Princeton, 1946. -. Conference for the Economic Restoration of Central and Eastern Europe,

Stresa, I932. Geneva, 1932. -. The Course and Phases of the World Economic Depression. 1st rev. ed.

Geneva, October 1931. -. European Conference on Rural Life, I939. Technical Document NO.3:

The Capital and Income of Farms in Europe as They Appear From the Farm Accounts for the Years I927-28 to I934-35. Geneva, 1939.

-. Europe's Trade: A Study of the Trade of European Countries with Each Other and with the Rest of the World. Geneva, 1941.

-. Financial Position of Hungary: ISt to 25th Quarterly Report by ... , the Representative in Hungary of the Financial Committee.

-. The Financial Reconstruction of Hungary: General Survey and Principal Documents. Geneva, 1926.

-. International Economic Conference, Geneva, May I927. Documentation: Principal Features and Problems of the World Economic Position from the Point of View of Different Countries. Series 2, Latvia; Series 3, Estonia, and Hun­gary; Series 4, Czechoslovakia; Series 5, Poland.

146 BIBLIOGRAPHY

-. Memorandum on Balance ot Payments and Foreign Trade Balances, I9IO­I9z3; I9IO-I9z4; I9II- I 9z5·

-. Memorandum on Commercial Banks, I9I3-I9z9. Geneva, 1931. -. Memorandum on International Trade and Balances ot Payments, I9IZ-I9Z6;

I9I3-I9z7; I9z6-I9Z8; I9z7-I 9z9· Memorandum on Trade and Balances ot Payments, I930.

-. Monthly Bulletin ot Statistics. Geneva, 1919-1940. -. Principles and Methods ot Financial Reconstruction Work Undertaken under

the Auspices ot the League ot Nations. Geneva, 1930. -. Public Finance, I9Z8-I935. NO.7, Czechoslovakia; NO.9, Estonia; No. 14,

Hungary; No. 17, Latvia; No. 18, Lithuania; No. 22, Poland. Geneva, 1936. -. Report ot the Financial Committee ot the League ot Nations on the Economic

and Financial Situation ot Estonia, Geneva, 1925. League of Nations. Economic, Financial and Transit Department. Commercial

Policy in the Interwar Period: International Proposals and National Policies. Geneva, 1942.

-. The Course and Control ot Inflation: A Review ot Monetary Experience in Europe atter World War I. Princeton, 1946.

Europe's Overseas Needs I9I9-I9zo, and How They Were Met. Geneva, 1943. -. Industrialization and Foreign Trade. Geneva, 1945. -. International Currency Experience: Lessons ot the Inter-War Period. Geneva,

1944· -. The League of Nations Reconstruction Schemes in the Inter-War Period.

Geneva, 1945. Quantitative Controls: Their Causes and Nature. Geneva, 1943.

-. Reliet Deliveries and Reliet Loans, I9I9-I9z3. Geneva, 1943. -. Statistics Relating to Capital Formation: A Note on Methods by the Com-

mittee ot Statistical Experts. Geneva, 1938. Lithuania. Centralinis Statistikos Biuras. The Lithuanian Government Statistical

Almanac, I937. Kaunas, 1938. -. Lietuva skaitmenimis, I9I8-I9z8 (La Lithuanie en chittres, I9I8-I9Z8). -. Lietuvos statistikos metrastis (Annuaire statistique de la Lithuanie). Annual

issues, 1924-1939. -. Lietuvos uzsienio prekyba, I9z9 m. (Commerce exMrieur de la Lithuanie en

I9Z9)· Lithuania. Chamber of Commerce, Industry and Crafts. Ten Years ot Lithuanian

Economy. Kaunas, 1938. Poland. Financial Adviser to the Polish Government. Combined Reprint ot the

Quarterly Reports of the Financial Adviser to the Polish Government, Fourth Quarter I9z7 to Third Quarter I930, Inclusive. Warsaw: Bank Polski, 1930.

Poland. Gl6wny Urz/l:d Statystyczny. Handel Zagraniczny Rzeczypospolitej Polskief. Monthly issues, 1925-1939.

Poland, Republic of. Reports Submitted by the Commission of the American Financial Experts Headed by Dr. E. W. Kemmerer. Warsaw: The Ministry of Finance, 1926.

United Nations. Department of Economic Affairs. International Capital Move­ments in the Inter-War Period. Lake Success. 1949.

2. BOOKS AND MONOGRAPHS·

Basch, Antonin. The Danube Basin and the German Economic Sphere. London: Kegan, Trench, Trubner & Co., 1944.

Brenneisen, Reinhold. Lettland: das Werden und Wesen einer neuen Volkswirt­• Translation of Slavic titles of books is given in the brackets.

BIBLIOGRAPHY 147

schaft. ("Schriften des Instituts fUr Osteuropaische Wirtschaft am Staats­wissenschaftlichen Institut der Universitat Konigsberg.") Berlin: Volk und Reich Verlag, 1936.

Brown, William A., Jr. The International Gold Standard Reinterpreted, I9I4-I934. 2 vols. New York: National Bureau of Economic Research, 1940.

Czyrovsky, Nicholas L. The Economic Factors in the Growth of Russia. New York: Philosophical Library, 1957.

Conference Permanente des Hautes Etudes Internationales. Chronique des evenements politiques et economiques dans Ie bassin danubien, 1918-1936: TcMcoslovaquie. Paris: Institut International de Cooperation Intellectuelle, 1938.

Daskaljuk, Orestes W. Die Ukraine als Arbeitsfeld fur Deutsche und Deutsches Kapital. Berlin: Verlag G. Stilka, 1922.

Diamond, Herman. Polozenie gospodarcze Galicyi przed woinq [The Economic Position of Galicia before the War]. Lipsk, 1915.

Eckstein, Alexander. Economic Development in Hungary, I920 to I950: A Study in the Growth of an Economically Underdeveloped Area. Unpublished Ph. D. dissertation, University of California, Berkeley, 1952.

Einzig, Paul. Bloodless Invasion: German Economic Penetration into the Danubian, States and the Balkans. London: Duckworth, 1938.

-. Finance and Politics. London: Macmillan, 1932. -. World Finance, I9I4-I935. New York: Macmillan, 1935. Ekis, Ludvigs. Latvia: Economic Resources and Capacities. Washington: The

Latvian Legation, 1943. Ellis, Howard S. Exchange Control in Central Europe. Cambridge: Harvard

University Press, 1941. Fanno, Marco. Normal and Abnormal International Capital Transfers. (Uni­

versity of Minnesota, "Studies in Economic Dynamics," No. I) Minneapolis: University of Minnesota Press, 1939.

Feldstein, Herman. Vermogens- und Zahlungsbilanz Galiziens. Leipzig: F. A. Brockhaus, 1917.

Fiez, R. Die Veriinderungen in der Wirtschajtsstruktur und das Problem der internationalen Kapitalanlagen. Bern: A. Francke, 1946.

Geller, Karl. Die Strukturiinderung der ungarischen Volkswirtschaft nach dem Kriege, und die Stellung Ungarns im Mitteleuropiiischen Wirtschaftsraum. Miinster: Buschmann, 1938.

Gordon, Margaret S. Barriers to World Trade: A Study of Recent Commercial Policy. New York: Macmillan, 1941.

Gruber, Josef (ed.). Czechoslovakia: A Survey oj Economic and Social Conditions. New York: Macmillan, 1924.

Gruodis, D. Lithuanian Exports and Exporters. Kaunas: Vilnius, 1930. Halecki, Oscar. Borderlands of Western Civilization. New York: Ronal Press,

1952. Hirschman, Albert O. National Power and the Structure of Foreign Trade.

Berkeley and Los Angeles: University of California Press, 1945. Hobson, C. K. The Export of Capital. London: Constable and Co., 1914. International Studies Conference. Chronology of Political and Economic Events

in the Danubian Basin, I9IB-I936: Hungary. Paris: International Institute of Intellectual Cooperation, 1938.

Iversen, Carl. Aspects of the Theory of International Capital Movements. Copen­hagen: Levin & Munksgaard, 1935.

Jakulis, J. La Lithuanie restauree: problemes economiques, monetaires et financiers.

148 BIBLIOGRAPHY

("BibliotMque de l'Ecole des Sciences Commerciales de l'Universite de Lou­vain.") Louvain, 1932.

J oint Committee of the Carnegie Endowment and International Chamber of Commerce. International Economic Reconstruction. Paris, 1936.

Kellenberger, Eduard. Kapitalexport und Zahlungsbilanz. Bern: A. Francke, 1939·

Khonigsman, J. S. Pronyknennia inozemnoho kapitalu v naftovu promyslovist Zakhidnoi Ukrainy. Lviv, 1958. [Penetration of Foreign Capital into the Petroleum Industry of Western Ukraine. Lvov, 1958J.

Kindleberger, Charles P. International Short-Term Capital Movements. New York Columbia University Press, 1937.

Kononenko, Konstantyn. Ukraine and Russia: A History of the Economic Relations Between Ukraine and Russia (I654-I9I7). Milwaukee: Marquette University Press, 1958.

Krause, H. Die Agrarreformen in Lettland und Estland. (Osteuropa-Institut in Breslau, "Quellen und Studien," Heft 7, 1927). Breslau, 1927.

Liashchenko, P. 1. History of the National Economy of Russia to the I9I7 Re­voltttion. New York: Macmillan, 1949.

Lerner, Abba P. The Economics of Control. New York: Macmillan, 1944. Letiche, John M. Balance of Payments and Economic Growth. New York: Harper

& Bros., 1959. Lipinski, Edward. Deflation als Mittel der Konjunkturpolitik in Polen. ("Kieler

Vortrage gehalten fiir Weltwirtschaft an der Universitat Kiel, No. 42.") Jena, 1936.

Mandelbaum, K. The Industrialization of Backward Areas. Oxford: Basil Black-well,1947·

Meade, J. E. The Balance of Payments. London: Oxford University Press, 1951. Mlynarski, Felix. The International Significance of Zloty in I9z5. Warsaw, 1926. Moore, Wilbert E. Economic Demography of Eastern and Southeastern Europe.

Princeton: League of Nations, 1945. MiilIer, Kurt. Der Kapitalimport. St. Gallen: Verlag der Fehrschen Buchhand­

lung, 1947. Nurkse, Ragnar. Internationale Kapitalbewegungen. (Osterreichisches Institut

fUr Konjunkturforschung, "Beitrage zur Konjunkturforschung," No.8). Wien: J. Springer, 1935.

Ohlin, Bertil. International and Interregional Trade. Cambridge: Harvard Uni­versity Press, 1933.

Pasvolsky, Leo. Economic Nationalism of the Danubian States. New York: Macmillan Co., 1928.

P.E.P. (Political and Economic Planning). Economic Development in S. E. Europe, Including Poland, Czechoslovakia, Austria, Hungary, Roumania, Yugoslavia, Bulgaria, and Greece. London: Oxford University Press, 1945.

Peselj, Branko. The Industrialization of Peasant Europe. New York: Mid­European Studies Center, National Committee for a Free Europe, 1953.

Petschek & Co., Bankers. An Economic Review of the Year . .. in Czechoslovakia. Prague, 1930-33.

Ragin, Alois. Financial Policy of Czecho-Slovakia during the First Year of Its History. Oxford: Clarendon Press, 1923.

Remer, C. F. "Investments in Kind," in Explorations in Economics: Notes and Essays Contributed in Honor of F. W. Taussig. New York: McGraw-Hill Book Co., 1936, pp. 92-101.

Royal Institute of International Affairs. The Problem of International Invest­ment. London: Oxford University Press, 1937.

BIBLIOGRAPHY 149

Royal Institute of International Affairs, Information Department. The Baltic States: A Survey 01 the Political and Economic Structure and the Foreign Relations 01 Estonia, Latvia, and Lithuania. London: Oxford University Press, 1938.

Salter, Sir Arthur. Foreign Investment. (Princeton University, International Finance Section. "Essays in International Finance," No. 12). Princeton, 1951.

Schumpeter, J. The Theory 01 Economic Development. Cambridge: Harvard University Press, 1951.

Schwenter, Jiirg J. Kapitalexport und Zwischenstaatliche Warenbewegungen: Eine Theoretische Betrachtung. Bern: A. Francke, 1945.

Scitovsky, Tibor. Wellare and Competition. London: Allen & Unwin, 1952. Seton-Watson, Hugh. Eastern Europe Between the Wars, 1918-1941. Hamden,

Conn.: The Shoe String Press, 1962. Simutis, Anicetas. The Economic Reconstruction 01 Lithuania alter I9I8. New

York: Columbia University Press, 1942. Siew, B. Lettlands Volks- und Staatswirtschalt. Riga, 1925. Spulber, Nicolas. The Economics 01 Eastern Europe. New York: Wiley & Sons,

Inc., 1957. Sruoga, Kazys. Die Wirtschalt der Republik Litauen und ihre Notenemission.

Kaunas: Verlag der deutschen Buchhandlung, 1930. Stachiw, Matthew. Zakhidna Ukraina [West Ukraine). 4 vols. Scranton, Pa.:

Ukrainian Workingmen's Association, 1960. Staley, Eugene. War and the Private Investor. New York: Doubleday, Doran &

Co., 1935. Timoshenko, Vladimir P. World Agriculture and the Depression. ("Michigan

Business Studies," Vol. V. NO.5). Ann Arbor: University of Michigan Press, 1933·

Triebe, Immanuel G. Zehn Jahre polnische Withrung (I9I8-I938). (Osteuropa­Institut in Breslau, "Quellen und Studien," Heft 9, 1929). Breslau, 1929.

Wallich, Henry C. "Underdeveloped Countries and the International Monetary Mechanism," in Money, Trade and Economic Growth (in honor of John H. Williams). New York: Macmillan, 1951, pp. 15-32.

Wellisz, Leopold. Foreign Capital in Poland. London: G. Allen & Unwin, Ltd., 1938.

Whittlesey, Charles R. International Monetary Issues. New York and London: McGraw-Hill Book Co., 1937.

Wollert, H. Die Industrie Lettlands. (Osteuropa-Institut in Breslau, "Quellen und Studien," Heft 6). Breslau, 1927.

Zweig, Ferdynand. Poland between Two Wars. London: Secker & Warburg, Ltd., 1944·

3. ARTICLES

Bihlmanis, Alfred. "Foreign Capital and State Debts," The Latvian Economist (publ. by the Latvian Ministry of Finance, Riga), 1928.

Chenery, Hollis B. "The Application of Investment Criteria," Quarterly Journal 01 Economics, February, 1953.

Ecker, Lowell L. "The Hungarian Thrift-Crown," American Economic Review, September, 1933.

"Estlands Exportindustrie," Ost-Europa Markt, April/May, 1937. Finch, David. "Investment Service of Underdeveloped Countries," International

Monetary Fund Stall Papers, September, 1951. Heckel, Heinz. "Die Autarkiebestrebungen der polnischen Industrie," Ost­

Europa Markt, September, 1935.

150 BIBLIOGRAPHY

"Kapitalbildung und Aktienmarkt im Estland," Ost-Europa Markt, April, 1938.

Kliiber, Hans. "Das Devisenrecht der baltischen Staaten," Ost-Europa Markt, November, 1938.

Knapp, J. "The Theory of International Capital Movements and Its Verifi­cations," Review 01 Economic Studies, Vol. X, NO.2, 1943.

Kolbenheye, E. "Die Strukturwandlung der Wirtschaft Ungarns," Ungarische jahrbucher, 1937.

Litwinski, L. "Nafta molopolska i jej kulisy," Kuitura (Paris), No. II, 1960. Mickwitz, A. von. "Zur Lage der estliindischen Landwirtschaft," Ost-Europa

Markt, April, 1938. Mitnitsky, Mark. "Germany's Trade Monopoly in Eastern Europe," Social

Research, February, 1939. Ohlin, Bertil. "Can the Gold Block Learn from the Sterling Block's Experience?"

Index, March, 1936. Paish, F. W. "Banking Policy and the Balance of International Payments,"

Economica, November, 1936. Polak, J. J. "Balance of Payments Problems of Countries Reconstructing with

the Help of Foreign Loans," Quarterly journal 01 Economics, February, 1943; reprinted in American Economic Association, Readings in the Theory 01 Inter­national Trade (Philadelphia: Blakiston, 1949).

Polak, J. J. "European Exchange Depreciation in the Early Twenties," Eco­nometrica, April, 1943.

"Poland Settles Honorably," Economist, December 18, 1937. Rothchild, K. W. "The Small Nation and World Trade," Economic journal,

April, 1944. Schonemann, A. "Der Ausbau der Litauischen Wirtschaft im Jahre 1937,"

Ost-Europa Markt, March, 1938. Seraphim, P. H. "Das Auslandkapital in derpolnischen Wirt schaft," Ost-Europa

Markt, March, 1937. Syroid, P. Y. "Inozemnyi kapital v economitsi skhidnoi Halychyny," [Foreign

capital in the economy of Eastern Galicia] Ukrainskyi Istorychnyi Zhurnal, NO·4,1962.

Szigeti, Gyula. "Hungary's Balance of Payments and Foreign Indebtedness at the End of 1931," Magyar Statisztikai Szemle, 1932.

Volker, Dietrich. "Die Wirtschaft Lettlands im Jahre 1937," Ost-Europa Markt, March, 1938.

Whale, P. B. "International Short-Term Capital Movements," Economica, February, 1939.

INDEX

Agriculture: and Depression 81-84, 138; and industrialization, 64, 64n; reforms in, 64; specialization in, 95, ll8

Allocation of foreign capital. See Capital allocation

Amortization. See Debt servicing Austro-Hungary: disintegration of, 3;

and Galicia, 73n Autarky, 54, 140

Balance, external. See Balance of pay­ments

Balance, internal, 9-10, 33-54, 61, 132-37. See also Business cycle

Balance of payments: and bilateralism, 121, 128; and debt services, lllff; and deflations, 97; equilibrium of, 105; and foreign capital, 89ff, 132-37; and inter­nal balance, 9-10; mechanism, 108; and quantitative controls, 103; and transfer process, 102-103; and short­term capital movements, 104ff; and underdeveloped countries, 65, 95. See also Income mechanism; Prices; Theory classical

"Balancing" capital movements, 21-25, 128

Baltic States, 3-4, 140; agricultural re­forms in, 64; and business cycle, 106; and commercial credits, 24; domestic policies in, 135; and foreign capital, 53-54; gravitate toward Britain and Germany, 142; increase agricultural exports, 92-96; inflation in, 18; invest­ment planned in, 78-79; and Russia, 3, 4n , 65n, 142-43; and self-sufficiency, 65. See also, Estonia, Latvia, Lithuania

Basch, A., 54n Bastable, C. F., ll7n Beckhart, B. H., 45n Bilateralism, 54, 121 "Blocked accounts", ll5 Bohemia, 4

Borrowing, selective, ll4-15 Brown, W. A., Jr., 33n, 47n Business cycle: and banking, 38-40; and

capital efficiency, 61; and capital move­ments, 40, 33-52; and capital exports, 41-42; and decline in capital inflows, 48-5 I; and Depression, 52-54; and foreign financing, 55-56; and gains from capital transactions, 55-56; inter­nal vs external balance, 9-10, 61, 132-37; and marginal propensity to import, 99-103; and money supplies, 33-40; and monopoly, 81-84; and multiplier effects, 51ff, 136; and terms of trade, ll7-18. See also Income mechanism

Byelorussia, 140

Cagan, P., 18n Capital: defined, 4, 7; demand for, 4;

scarcity of, 4, 129 Capital allocation, 59-85, II3-14, 134-37;

and comparative advantage, 91-96; criteria for appraising, 61-65, 77-80; and debt services, ll5-16; and demand, 74-75; and Depression, 81-85; of di­rect investments, 7lff; and domestic investments, 75; and economic devel­opment, 76-80; evidence on, 62-63; by industry, 71-75; and international cooperation, 143-44; marginal con­ditions, 61-62; market vs policy as guides, 59, 62-63, 85; overspecializa­tion and selectivism, 76-78; and profit motive, 74-75; public external loans, 66ff. See also "Net gains"

"Capital determinism," 143 Capital flight, 46-47; and crisis, 107; and

depreciation, 106; and exchange con­trol, 109

Capital, foreign: and balance of payments, 98ff; and banking, 38-39; commercial, 39; and crisis, 46-47; defaults on, 121; and economic "efficiency", II 17, 59ff;

152 INDEX

and employment, 17; failure of, 139; and interest rates, 35-40; and invest­ment level, 130ff; and market mecha­nism, 17; and money supplies, 34-37; and policy, 84-85, 120; as political intrument, 141-43; productivity of, 61-62, 66; in Russia, 73n; shortage of, 52-54; and stabilization, 9,18-32,127; statistics on, 7, 12-13, 62-63; studies on, 5-6; supply of, 30-31, 46, 52-54, 77-78; transfer process, 7-9, 97, 102-3; unreliability of, 52-54, 96-I01; and World War II, 128-29

Capital movements: and anti-cyclical policies, 52-54; "abnormal", 46-47; "balancing", 21-25, 128; control of, Il4-15; after Depression, 121, 128; during 1930'S, 44-54; and expectations, 24, 42-43; and internal balance, 8-9; as monetary phenomenon, 4, 104; and "net gains", 55-56, 78-80, 83-84, Il6, 129-36; outflows from debtor countries, 42; outflows vs inflows, 42; private, 40; and small countries, 126; theory of, 12-1 3

Carpatho-Ukraine, 129. See also Ukraine Chenery, H. B., 62 Chirovsky, N. L., 6n Commercial credits, 21-25; goods credits,

69; after Depression, 121. See also "Balancing" capital movements

Communism, 140, 143 Comparative advantage, 75, 78,91-96,114 Creditor countries: and balance of trade,

9, 41-42, 101-103, Il6; and banking, 39; and exports, 53; responsibilities of, Il3; unreceptive to imports, lIS

Czechoslovakia: aided by emigrants, 18; banking and capital outflows of, 39; as creditor nation, 9, 25, 39, 41-42; debt servicing, IlIff; and deflationist policies, 20; and Depression, 44-56; exchange control in, 109-10, 121; and export, 42, 53, 101-I02; prices in 81-85; private external loans of, 71-75; public external loans of, 66-70; and relief loans, 19-21; and short-term loans, 21-25; and stabilization, 18-32; and state capitalism, 70

Danzig, Free City of, 21, 26-31. See also Poland

Debt burden, Il6ff, 133, 135; and justice, 138

Debt servicing, II, 90, IlIff, 133, 137; and capital flight, 107, Il5; and devalua­tion, 46; and exchange control, 121; moratorium on, 120; and policies, II4ff; and terms of trade, Il6-20; and trans­fer problem, 102-103, III

Defaults, 121, 128-29 Deflations, 9-IO, 96-99, 107; and invest­

ment, 131 Devaluation, 46; and debt burden, I 18-20 Development, economic: and autarky,

52-54; and balance of payments, 65, 132-33; and capital allocation, 59-85; and centralism, 52-54; and commercial capital 80; and comparative avantage, 91-96; and "colonial" investments, II6n; and deflationery policies, 9-10; and domestic markets, 95-96; domestic vs foreign capital in, 53-54, 77-78, 129-32; and East-West conflict, 143; and entrepreneurs, 80, 139; and fo­reign capital, 7-IO, 125-37; and fo­reign reserves, 10; and imperialism, 142-43; and instability, 42-43; and international co-operation, 133; and investment, 9; and monetary policy, 34-37; as policy, 63-65; sociology of, 139; and specialization, Il6; and theo­ries, 136-37; and "undereffected" transfer, 102

Direct investment, 33-34, 71-78, 84-85 Discount rates, 33-42

Eastern Europe, 3-5; agricultural policies in, 64-65; capital flight from, 47; capital scarcity in, 4, 129; disillusioned, 52-54, 140 ; and foreign capital, 46, 77-78, 125ff, 141-43; hisotry interpret­ed by Halecki, 6n; and imperialism, 142-43; and industrialization, 64-65; intraregional politics in, 14 I; political problems in, 139-44; studies on, 5-6

Eastern European countries: and develop­mentproblem, 9,17,125-27; encourage foreign capital, 75; exchange controls in 109if; export-import rates in, 18-19; as free market economies, 62-63; and import surplusses, 18; independence aided by emigrants, 18-19; and inter­national financial crisis, 44-54; and relief loans, 19-21, 121; enmity among, 118, 139-41; and stabilization, 18-32; state capitalism in, 70

Ecker, L. L., 30n Eckstein, A., 64, 70n, 96n Einzig, P., 54n, 142n Ekis, L., 85n Elkin, W. A., 20n Ellis, H. S., 108n, 109 Emigrants, 18 Equilibrium exchange rates, 105 Equity, international, II 6, 129, 138 Estonia: agriculture vs industry in, 81-85;

aided by emigrants, 18; and "balan­cing" capital movements, 21-25; debt servicing of, IlIff; deflation in, 97; and

tNDEX 153

Depression, 44-56; exchange control in, 109-10, 121; monetary policies in, 34-40; prices in, 81-85; private exter­nal loans of, 71-75; public external loans of, 66-70; and reduced capital in­flows, 49-50; and relief loans, 19-21; stabilization efforts in, 19-32

Exchange controls, 109ff; after crisis, 121; and debt servicing, II2ff

Exchange stability, lo4ff; and terms of trade, II7-20

Export capacity, 92ff; and debt servicing, II2, II4-16

Fanno, M., 51n Feier, A., 34n Feldstein, H., 73n France, 120 Freedom of choice, II 0, 138 Friedman, M., 18n

Galicia (Halychyna), 4n, 109n, 142; foreign investments in petroleum in­dustry, 73-74, 73n. See also Ukraine

Germany, 46, II5, 143; and business cycle, 42-43; controls mining in Upper Silesia, 73-74; defaults 120; gains in­fluence through loans, 54, 54n, 84, 142

Gold-exchange standard: and control of capital movements, 46-47; and Depres­sion, 108; and exchange stability, 105; and gold hoards, 33n; regime of, 55-56; and stabilization, 33

Gombos, J., 140 Gordon, M., 54n, 109n Great Depression (1930-39), 44ff, 81ff,

128; and capital allocation, 81-85; defenses against, 54-56; and deflations, 97; as financial crisis, 44, 48ff; and in­ternational capital markets, 44-54; money supply during, 51-52; and mul­tiplier effects due to reduced capital inflows, 48-50; and past investments, 81-85; and servicing problems, 115; and World War II, 144

Halecki, 0., 6n Halychyna, See Galicia Hegediis, D., 29 Hawtrey, R. G., II9n Hilferding, 143 Hirschman, A. O. 54D Hobson, C. K., 7n Hoover moratorium, 120 Hungary, 3; and "balancing" capital

movements, 21-25; banking in, 38-39; capital scarcity in, 4; debt servicing by, lIIff; deflation in, 97; exchange con­trol in, log-IO, 121; hyper-inflation in, 30; and gains from borrowing, 79;

monetary policies in, 34-40; prices in, 81-85; private external loans of, 71-75; public external loans of, 66-70; and reduced capital inflows, 49-50; and reparation payments, 29; relief loans to, 19-20; stabilization in, 18-32

Imperialism, 3, 142-43 Imports, composition, 96; and debt

servicing, II5 Income mechanism, 10, 13, 33ft, 99-101;

and marginal propensity to import, 99ff; and transfer process 97-99. See also Business cycle

Income redistribution, 77, 81-85, 138, 140; and imports, 96

Industrialization: and exports, 91-96; as policy objective, 63-65. See also Devel­opment, economic

Inflation: fear of, dampens capital in­flows, 42-43; and exchange supply, 25-26; and stabilization loans, 25-31. See also Stabilization, Policies

Interest payments: on foreign debts, IIIff; and external balance, 10. See also Debt servicing

Interest rates: and direct foreign invest­ments, 33-34, 131; in creditor country, 41-42; and "gains from trade," 106; and political strife, 141; private rates and foreign capital, 39-40; renegotiat­ed, 121; on short-term capital, 24; and uncertainty, 114

Internal balance: defined 9; vs external balance, 10, 132-37. See also Business cycle, Income mechanism

International cooperation, 141-44; and capital movements, 103, 133, 136; and crises, 107; in Eastern Europe, 139-40; League of Nations stabilization sche­mes, 25-31, 129; in management of debts, 120-21; relief loans, 19-21

International Monetary Fund statistics, 12

Investment, domestic: as a corrective, 78-80, 85; and development, 130-36. See also Capital allocation; Policies

International Studies Conference, 47n, 114n

Iversen, C., 7n

Justice, social, 138; international, 140

Kellenberger, E., 46n Kemmerer, E. W., financial adviser to

Poland, 29, 39n Keynes, 102 Kindleberger, C. P., 104n Kish, C. H., 20n Kleipedia, 142 Kliiber, H., logn

154 tNDEX

Knapp, J., I36n Kononenko, K., 73n

Latvia: aided by emigrants, 18; and "balancing" capital movements, 21-25; debt servicing of, IlIff; deflation in, 97; and Depression, 44-56; exchange control in, IOg-IO, 121; foreign capital in joint-stock banks, 38-39; monetary policy in, 34-40; prices in, 83-85; private external loans of, 71-75; public external loans of, 66-70; and relief loans, Ig-2I; stabilization in I9-32

League of Nations, 4n; stabilization loans arranged by, 25-32; statistics of, 12

Lenin on imperialism, 143 Lerner, A. P., 62n, 80n Letiche, J. M., I37n Liashchenko, P. 1., 6n Liepman, H., Iogn Lipinski, E., 82n, 84n Liquidity: and protectionism, 54, I2l;

of small country, I08. See also Reserves, foreign

Lithuania: aided by emigrants, 18; and "balancing" capital movements, 21-25; commercial credits, 24; debt servicing of, IlIff; and Depression, 44-54; ex­change control in, 109-10, 121; mone­tary policies in, 34-40; private external loans of, 71-75; public external loans of, 66-70; and relief loans, Ig-2I; stabilization in, 19-32

Litwinski, L., 142n Long-term capital movements, 45ff

Mandelbaum, K., 5n Marginal propensity to import, I03; and

business cycle, 99-IOI Meade, J. E., IOn Mitnitsky, M., 54 Mlynarsky, F., 28 Monetary mechanism: and Depression,

51-52; and foreign capital, 33-43 Monetary policy, 53; ineffective during

crisis, 46, 5 I Monopoly: and foreign capital, 77,81-85,

134; and policy, 84 Moore, W. E., 5n Moratorium on debts, 120-21 Miihlenfels, A., 40n Multiplier effects, 48ff, 136; and reduced

capital inflows, 5 I

National rights, 140-44 "Net gains" from capital transactions,

55-56, 125, 134-37; and terms of trade, 1I6, 120

Nurkse, R., 26, 40n

Ohlin, B., II9n, I37n

Paish, F. W., 100-101 Pasvolsky, L., 5n Peselj, B., 64n P.E.P. (Political and Economic Planning),

5n Polak, J. J., 24, 106, II6 Poland, 3; aided by emigrants, Ig;

"balancing" capital movements of, 21-25; banking and foreign capital, 38-39; bank reserves in, 34; debt ser­vicing of, IlIff; depressed by reduced capital inflows, 49-50; and Depression, 44-56; deflation in, 97; exchange con­trol in, IOg-IO, 121; monetary policies of, 34-40; "political" loans of, 54; prices in, 81-85; private external loans of, 71-75; public external loans of, 66-70; and state capitalism, 70, 79; relief loans to, Ig-20; scarcity of capital in, 4; and stabilization, 19-32, 6g; Ukrainians in, 99n

Policies: commercial, 54, logn, II5ff, 121; of industrialization, 63-65; im­portance of, 134-37; monetary, 33-42

Political considerations, 46, 84-85, 125, 128-29, I38ff; conflict vs cooperation, 141-44

Prices: agricultural vs industrial, 81-85; and balance of payments, 96ff; and debt services, I 16ff; and terms of trade, II6ff

Private external loans, 71-75; and debt servicing, 114-15; statistics on, 72-73

Protectionism and failing financial struc­ture, 54, 121; quantitative controls, Iogn, !I5ff, 120

Pullerits, A., 24n

Quantitative controls, I09n, !I5ff; and debt burden, 120; and crisis, 121

Rasin, A., 20, 21n Relief loans, Ig-21, 127; as "consump­

tion loans", 19; moratorium on, 120 Reserves, foreign: of debtor countries, 10;

and exchange controls, IOg-IIO; during financial crisis, 46-47, 108; and infla­tion. See also Liquidity

Rist, Ch., IOgn Royal Institute of International Affairs,

4n, 34n, 53n, 63n, 114n, 1I5n, I2ln Russia, 3, 46, 78, 140, 142; economic

expansion of, 6n, 65n, 140; empire disintegrates during World War I, 3, 4n; foreign capital in, 73n

Salter, A., 29n Schumpeter, J" 7

INDEX 155

Scitovsky, T., 61, 6m Seraphim, P. H., 73n, 74n Short-term capital movements, 21-25,

104ff; ineffective correctors of deficits, 106-107. 588 also "Balancing" capital movements

Siew, B., 18n Smith, J. G., 45n Sociological considerations, 138-39 Social overhead investments, 77 Southeastern Europe, 5-6, 6n, 54n, 142 Stabilization: and "balancing" capital

movements, 21-25; defended during Depression, 108; difficult in Poland and Hungary, 18; effective in Baltic States, 19-21; and foreign capital, 9, 18-32,55-56, 130; vs full employment, 32; internal vs external factors in, 31-32; and stabilization loans, 25-31

Spulber, N., 6n Sruoga, K., 4n, 35n Sterling block, II9 State capitalism or etatism8, 70, 79 Statistics on capital movements, 12-13 "Successor States": desire to reconstruct

and develop, 3-5; and foreign capital 141-43. 588 also East European coun­tries

Svenska Tandsticks Aktiebolag, 66-67 Switzerland as haven for capital flight, 47 Szigeti, G., 68n, 74n

Tariffs in Eastern Europe, 109, 109n Terms of trade, II6ff; and devaluation,

II8-20; under fixed exchanges, II7-18 "Terms of repayment", II6-20 Theory: of capital allocation, 61-62; of

capital movements, 13-14, 136-37; of "net gains" from capital movements, 129ff ; as guide to policy, 47, 83,97, 127, 134-37

"Tied" payments, II5 Timoshenko, V. P., 82n Trade composition, 91. 588 also Compara­

tive advantage

Transfer process, 97; of debt services, III, 121; and development 132; and external balances, 102-103; "under­effected", 102

Ukrainian S.S.R., 129. 588 also Ukraine Ukraine, 6n, 109 n, 129, 140; colonial

position in Austro-Hungary and Rus­sian Empire, 73n; Western, attached to Poland, 4n, 142. 588 also Galicia

Underdeveloped countries: and capital movements, 13-14; compared to Eas­tern Europe, 4-5, 126; compete for capital with industrial countries, 45-46; colonial position of, 73n, II6n; and East European experience, 17; and terms of trade, II 7-20. 588 also Development, economic

United Kingdom, II5, II9 United Nations, 5n United States, 91, II9; as haven for

flight capital, 47; and independence of Eastern European countries, 19; as sup­plier of private capital, 69

U.S.S.R., 140; and Baltic States, 65n, 140; and foreign capital 129. S8e also Russia

Van Zeeland Plan, 120 Viner, J., II7n

Wellisz, L., 27n, 45n, 69n Whale, P. B., 104 Whittlesey, C. F., 59 Wilson's principle of self-determination,

19 Witt, K., 20n, 34n, 41n, II9n Wollert, H., 39n World War I: and break-up of Austro­

Hungarian and Russian empires, 3; and capital destruction, 4

Zbijewski, W., 26n Zweig, F., 28n, 45n, 7on, II9n