Hostname: page-component-586b7cd67f-tf8b9 Total loading time: 0 Render date: 2024-11-28T23:11:19.588Z Has data issue: false hasContentIssue false
  • English
  • Français

MACHLUP ON THE TRANSFER PROBLEM

Published online by Cambridge University Press:  15 December 2010

KEPA M ORMAZABAL
Get access Rights & Permissions [Opens in a new window]

Abstract

This paper intends to provide a comprehensive and critical survey of the valuable but neglected contributions of Fritz Machlup to the debate on the Transfer Problem. Machlup took three different and conflicting lines of approach to the problem in the course of his lifelong study of it. The third, which is of a basically monetary character, provides original results, especially in relation to the demand-oriented and quantitative approach that dominates in the standard literature.

Type
Research Articles
Information
Journal of the History of Economic Thought , Volume 32 , Issue 4 , December 2010 , pp. 471 - 493
Copyright
Copyright © The History of Economics Society 2010

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

REFERENCES

Alexander, Sydney. 1952. “Effects of a Devaluation on a Trade Balance.” International Monetary Fund Staff Papers 2 (April), pp. 263–278.CrossRefGoogle Scholar
Baldwin, Robert E., et al. . 1965. Trade, Growth, and the Balance of Payments: Essays in Honor of Gottfried Haberler. Chicago: Rand McNally & Company.Google Scholar
Bhagwati, J., et al. . 1971. Trade, Balance of Payments and Growth. Amsterdam: North Holland.Google Scholar
Drummond, Ian M. 1987. “Reparations.” In The New Palgrave: A Dictionary of Economics. London: Palgrave MacMillan, pp. 149–151.Google Scholar
Eichengreen, Barry. 1987. “Transfer Problem.” In The New Palgrave: A Dictionary of Economics. London: Palgrave MacMillan, pp. 684–685.Google Scholar
Eichengreen, Barry. 1992. Golden Fetters. The Gold Standard and the Great Depression, 1919–1939. Oxford, UK: Oxford University Press.Google Scholar
Faith, Nicholas. 1984. Safety in Numbers. London: Hamish Hamilton Ltd.Google Scholar
Flanders, M. June. 1989. International Monetary Economics 1870–1960. Between the Classical and the New Classical. Cambridge, UK: Cambridge University Press.Google Scholar
Fullarton, John. 1844 [1969]. On the Regulation of Currencies. New York: Augustus M. Kelley.Google Scholar
Haberler, Gottfried. 1983. “Fritz Machlup: In Memoriam.” The Cato Journal 3 (1): 11–14.Google Scholar
Hagemann, Harald. 2005. “Dismissal, Expulsion and Emigration of German-Speaking Economists after 1933. Journal of the History of Economic Thought 27 (4): 405–420.CrossRefGoogle Scholar
Hume, David; in Eugénie, Rotwein. ed. 1955. David Hume. Writings on Economics: Edinburgh: T. Nelson and Sons.Google Scholar
James, Harold. 2002. The End of Globalization: Lessons from the Great Depression Cambridge, USA: Harvard University Press.CrossRefGoogle Scholar
Johnson, Harry G. 1956. “The Transfer Problem and Exchange Stability.” Journal of Political Economy LXIV: 212–225.CrossRefGoogle Scholar
Kent, Bruce. 1989. The Spoils of War: The Politics, Economics and Diplomacy of Reparations. 1918–1932. Oxford, UK: Oxford University Press.Google Scholar
Keynes, John Maynard. 1919 [1995]. The Economic Consequences of the Peace. New York: Penguin Books.Google Scholar
Keynes, John Maynard. 1929a. “The German Transfer Problem.” Economic Journal XXXIX (March): 1–17.CrossRefGoogle Scholar
Keynes, John Maynard. 1929b. “Mr. Keynes’ Views on the Transfer Problem. III. A Reply.” Economic Journal XXXIX (September): 404–409.Google Scholar
Keynes, John Maynard. 1936. The General Theory of Employment, Interest and Money. London: Macmillan.Google Scholar
Keynes, John Maynard 1946 [1980]. “ The Balance of Payments of the United States.” In The Collected Writings of John Maynard Keynes. Volume XXVII. Activities 1940–1946. Shaping the Post-war World: Employment and Commodities. London: Macmillan, Cambridge University Press for the Royal Economic Society. Originally published in Economic Journal LVI (1946).Google Scholar
Kindleberger, Charles P. 1966. Europe and the Dollar. Cambridge, USA, and London, UK: The Massachusetts Institute of Technology Press.Google Scholar
Kregel, Jan, ed. 1989. Recollections of Eminent Economists. New York: Macmillan and New York University Press.CrossRefGoogle Scholar
Lester, Richard. 1946. “Shortcomings of Marginal Analysis for Wage-Employment Problems.” American Economic Review 36 (March): 63–82.Google Scholar
Machlup, Fritz. 1928a [1966]. “Währung und Auslandsverschuldung: Bemerkungen zur Diskussion zwischen Schacht und seinen Kritikern.” Mitteilungen des Verbands österreichischer Banken und Bankiers X: 194–208. Revised English version entitled “Foreign Debts, Reparations and the Transfer Problem,” in Machlup, 1966.Google Scholar
Machlup, Fritz. 1928b [1966]. “Transfer und Preisbewegung.” Zeitschrift für Nationalökonomie I: 555–560. Revised English version entitled “Transfer and Price Effects, ” in Machlup, 1966.Google Scholar
Machlup, Fritz. 1932. “Die Theorie der Kapitalflucht.” Weltwirtschaftliches Archiv 36: 512–529.Google Scholar
Machlup, Fritz. 1943a. International Trade and the National Income Multiplier. Philadelphia, USA: The Blakiston Company.Google Scholar
Machlup, Fritz. 1943b [1966]. “Capital Movements and Trade Balance.” In Machlup, 1943a. Revised English version in Machlup, 1966, pp. 445–464.Google Scholar
Machlup, Fritz. 1943c [1966]. “The Transfer Problem: Income Effects and Price Effects.” In Machlup, 1943a. Revised English version in Machlup, 1966, pp. 425–432.Google Scholar
Machlup, Fritz. 1954 . “Dollar Shortage and Disparities in the Growth of Productivity.” Scottish Journal of Political Economy. Volume 1, Issue 3, October 1954, pp. 250–267CrossRefGoogle Scholar
Machlup, Fritz. 1956 . The Terms-of-Trade Effects of Devaluation upon Real Income and the Balance of Trade. Kyklos Volume 9, Issue 4, November 1956, Pages: 418–452CrossRefGoogle Scholar
Machlup, Fritz. 1963 [1966]. “Das Transferproblem: Thema und vier Variationen.” Ordo XIV: 139–167. Translated into English as “The Transfer Problem: Theme and Variations,” in Machlup, 1966, pp. 374–395.Google Scholar
Machlup, Fritz. 1964. International Payments, Debts and Gold. New York: Scribner.Google Scholar
Machlup, Fritz. 1965a. “The Cloakroom Rule of International Reserves: Reserve Creation and Resources Transfer.” Quarterly Journal of Economics LXXIX 3 (August): 337–355.CrossRefGoogle Scholar
Machlup, Fritz 1965b. “Adjustment, Compensatory Correction and Financing of Imbalances in International Payments.” In Baldwin et al., 1965.Google Scholar
Machlup, Fritz. 1966a. “The Need for Monetary Reserves.” Banca Nazionale del Lavoro Quarterly Review XIX 78 (September), pp. 175–223Google Scholar
Machlup, Fritz. 1966b. International Monetary Economics. London: George Allen & Unwin. Revised edition of Machlup, 1964.Google Scholar
Machlup, Fritz. 1966c. “International Monetary Systems and the Free Market Economy.” Princeton University, International Finance Section, Department of Economics. Reprints in international finance No. 3 Reprinted from International Payments Problems: A Symposium, Washington, American Enterprise Institute, 1966Google Scholar
Machlup, Fritz. 1966d. “World Monetary Debate--Bases for Agreement.” Princeton University, International Finance Section, Department of Economics. Reprints in international finance No. 4 Reprinted from The Banker, Vol. 116, (September).Google Scholar
Machlup, Fritz. 1967. “From Dormant Liabilities to Dormant Assets.” Princeton University, International Finance Section, Department of Economics. Reprints in international finance No. 8 Reprinted from The Banker, Vol. 117 (September).Google Scholar
Machlup, Fritz. 1968a. “The Transfer Gap of the United States.” Banca Nazionale del Lavoro Quarterly Review XXI 86 (September), pp. 195–238.Google Scholar
Machlup, Fritz. 1968b. “The Price of Gold.” Princeton University, International Finance Section, Department of Economics. Reprints in international finance No. 10 Reprinted from The Banker 118 (September).Google Scholar
Machlup, Fritz. 1969 . “Speculations on Gold Speculations.” American Economic Review, Papers and Proceedings Vol. LIX No.2Papers and Proceedings of the Eighty-first Annual Meeting of the American Economic Association (May, 1969), pp. 332–343Google Scholar
Machlup, Fritz. 1970a. “On Terms, Concepts, Theories and Strategies in the Discussions of Greater Flexibility of Exchange Rates.” Banca Nazionale del Lavoro Quarterly Review XXIII 92 (March), pp. 3–22Google Scholar
Machlup, Fritz. 1970b. “Eurodollar Creation: A Mystery Story.” Banca Nazionale del Lavoro Quarterly Review XXIII 94 (September), pp. 219–260.Google Scholar
Machlup, Fritz. 1971. “The Book Value of Monetary Gold.” Princeton University, International Finance Section, Department of Economics. Essays in international economics No.91.Google Scholar
Machlup, Fritz. 1980. “My Early Work on International Monetary Problems.” Banca Nazionale del Lavoro Quarterly Review 133: 113–146. Reprinted in Kregel, 1989, pp. 17–72.Google Scholar
Machlup, Fritz. 1983. “The Political Economy of Inflation.” The Cato Journal 3, 1(Spring): 15–21.Google Scholar
Metzler, Lloyd A. 1942. “The Transfer Problem Reconsidered.” Journal of Political Economy L (June): 497–514.Google Scholar
Muns, Joaquín. 1978. Crisis y reforma del sistema monetario internacional. Madrid, Spain: Instituto de Estudios Fiscales, Ministerio de Hacienda.Google Scholar
Ohlin, Bertil. 1929a. “The Reparation Problem: A Discussion.” Economic Journal XXXIX (June): 172–182.Google Scholar
Ohlin, Bertil. 1929b. “Mr. Keynes’ Views on the Transfer Problem. II. A Rejoinder.” Economic Journal XXXIX (September): 400–404.Google Scholar
Ormazabal, Kepa M. 2008. “Una mirada crítica al debate Ohlin-Keynes sobre el problema de la transferencia.” Información Comercial Española 845 (Noviembre–Diciembre): 73–93.Google Scholar
Pigou, A. C. 1932. “The Effect of Reparations on the Ratio of International Exchange.” Economic Journal LXII (December): 532–543.CrossRefGoogle Scholar
Rueff, Jacques. 1929. “Mr. Keynes’ Views on the Transfer Problem. I. A Criticism.” Economic Journal XXXIX (September): 388–399.Google Scholar
Samuelson, Paul. 1952. “The Transfer Problem and Transport Costs: The Terms of Trade when Impediments Are Absent.” Economic Journal LXII: 278–304.CrossRefGoogle Scholar
Samuelson, Paul; 1954. “The Transfer Problem and Transport Costs II.” Economic Journal LXIV: 264–289.CrossRefGoogle Scholar
Samuelson, Paul. 1971. “On the Trail of Conventional Beliefs about the Transfer Problem.” In Bhagwati et al., 1971.Google Scholar
Schacht, Hjalmar H. 1927. Eigene oder Geborgte Währung? Leipzig, Germany: Quelle. [Quoted from Machlup, 1966.]Google Scholar
Tooke, Thomas. 1844 [1996]. An Inquiry into the Currency Principle. London School of Economics Scarce Tracts in Economics, no. 11. London: Routledge & Kegan Paul.Google Scholar
Triffin, Robert. 1960 [1962]. El oro y la crisis del dólar. Fondo de Cultura Económica: México DF. Originally published in English as Gold and the Dollar Crisis. The Future of Convertibility, New Haven, USA: Yale University Press.Google Scholar
Viner, Jacob. 1955. Studies in the Theory of International Trade. London: George Allen & Unwin.Google Scholar