The Mechanism of Adjustment of the American Balance of Payments: 1919–1929

Abstract

Introduction: Special difficulties of the problem, 333. — The American balance of payments: 1919–1929, 339. — Direct relations between exports of American capital and merchandise, 344. — A mechanism of adjustment sequence? 352. — Business fluctuations and the American balance of payments: 1919–1929, 360. — Long-term capital exports and domestic activity, 366. — International differences in the intensity and timing of business cycles, 373. — Conclusion, 376.