Capital

Lawrence H. Officer ()
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Lawrence H. Officer: University of Illinois at Chicago

Chapter Chapter 11 in A New Balance of Payments for the United States, 1790–1919, 2021, pp 189-209 from Palgrave Macmillan

Abstract: Abstract Capital is treated in a disaggregate manner, with long-term and short-term distinguished. Where the flow is not available, a stock series is constructed and first-differenced to obtain the flow. Inflow of long-term capital is legitimately considered portfolio, whereas outflow involves both portfolio and direct investment. Short-term liabilities include mercantile debt, dollars abroad, and foreign deposits at Federal Reserve banks. Government capital is of minor importance until the end of the period.

Date: 2021
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DOI: 10.1007/978-3-030-66099-4_11

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