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Aggregates and Balances

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

Author

Listed:
  • Lawrence H. Officer

    (University of Illinois at Chicago)

Abstract

Aggregates of goods exports and imports (conventional merchandise, silver, ships, slaves—as applicable) demonstrate the extreme dominance of merchandise. Aggregates of services show that, contrary to received wisdom, ship revenue is relatively unimportant in the antebellum period. A similar deviation from standard analysis is U.S. net liabilities to foreigners that are lower than expected. A variety of balances are presented: merchandise, goods, goods and services, current account, official settlements, financial services (alone and augmented with transportation and fares), and statistical discrepancy. The concept of “normalized balance” is developed and utilized.

Suggested Citation

  • Lawrence H. Officer, 2021. "Aggregates and Balances," Palgrave Studies in American Economic History, in: A New Balance of Payments for the United States, 1790–1919, chapter 0, pages 317-333, Palgrave Macmillan.
    • Handle: RePEc:pal:psichp:978-3-030-66099-4_18
    DOI: 10.1007/978-3-030-66099-4_18
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