Capital Imports & the American Balance of Payments

A case study of a very significant phase of international financial experience and policy between the two World Wars centering on technical aspects of the behavior and interactions of spot and forward exchange rates, the technique and pattern of exchange speculation, the operations of exchange stabilization funds, international stock market speculation, the sterlization of gold movements and causal interrelationships between capital and gold transfers. Against the background of this episode, the author also examines broader theoretical problems--the theory of abnormal capital transfers, the mechanism of adjustment of international balances and the concept of equilibrium rates of exchange. "A major feat of scholarship." Annals of the American Academy. "Characteristically thorough and perceptive ... valuable." Political Science Quarterly