The Inter-Ally Debts: An Analysis of War and Post-War Public Finance, 1914-1923

The Inter-Ally Debts: An Analysis of War and Post-War Public Finance, 1914-1923

The Inter-Ally Debts: An Analysis of War and Post-War Public Finance, 1914-1923

The Inter-Ally Debts: An Analysis of War and Post-War Public Finance, 1914-1923

Excerpt

This book has been prepared in response to many requests for information regarding the cost of the World War, how this cost was met, and more particularly for information about the debts between the allies, which are going to be of great international importance for many years to come.

We have analysed the accounts of some twenty nations, using for the purpose, wherever possible, their official statistical publications. In some cases official statements were especially prepared for us. As all statements were in national currencies--pounds, francs, lire, drachmae, dollars and so on, it became evident early in our study of the problem that to make the figures comparable they must be expressed in one currency. We decided to state them all in dollars, converting each foreign currency at the rate of exchange current before the war, i.e. practically at exchange parities. However, in view of the fact that prices in each country were inflated by war financing, but in varying degrees, it also seemed desirable, in order to make them comparable as to purchasing power, to adjust the figures to the price level of 1913, that is, to put the statistics all on a pre-war gold basis. Thus the reader will find most of the statements given at their face or currency value just as published by the several governments, only expressed in dollars at par of exchange instead of in national currencies, and he will also find them expressed in "1913", or gold, dollars.

We hope the book may fulfill the purpose for which it was created, and be of value to our friends. We also wish here to express to the officials of the various governments who have furnished us with the necessary statistics, our appreciation of their helpful co-operation.

BANKERS TRUST COMPANY

April, 1924 New York and Paris . . .

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