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Capital

In: A New Balance of Payments for the United States, 1790–1919

Author

Listed:
  • Lawrence H. Officer

    (University of Illinois at Chicago)

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.

Suggested Citation

  • Lawrence H. Officer, 2021. "Capital," Palgrave Studies in American Economic History, in: A New Balance of Payments for the United States, 1790–1919, chapter 0, pages 189-209, Palgrave Macmillan.
    • Handle: RePEc:pal:psichp:978-3-030-66099-4_11
    DOI: 10.1007/978-3-030-66099-4_11
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