CONTENTS

xiii

CHAPTER 17

PAGE

Changes due to Monetary Factors ..... 262

(i.) The Industrial Consequences of Changed Supply of Money 202(ii.) The Diffusion of a Change in the Total Deposits between

the Different Kinds of Deposits .... 265

(iii.) The Problems of the Transition .... 269

CHAPTER 18

Changes due to Investment Factors . . . .276

(i.) The Definition of the Credit Cycle .... 277

(ii.) The Genesis and Life-history of a Credit Cycle . . 279

CHAPTER 19

Some Special Aspects op the Credit Cycle . . . 29£

(i.) The “ Justification ” of Commodity Inflation . . 293

(ii.) The Incidence of Commodity Inflation . . . 298

(iii.) The Normal Course of a Credit Cycle .... 302

CHAPTER 20

An Exercise in the Pure Theory of TnE Credit Cycle . 305

(i.) The Standard Case ...... 306

(ii.) Eight Epilogues ....... 312

(iii.) The Generalised Case ...... 317

CHAPTER 21

Changes due to International Disequilibrium . . . 326

(i.) Relative Price-levels and Relative Interest-rates as causes

of Monetary Disequilibrium ..... 326

(ii.) The Relationships between Foreign Lending and Movements

of Gold ........ 329

(iii.) The Net National Advantages of Foreign Investment . 343

(iv.) The Awkwardness of Changes due to International Factors 346(v.) The same Phenomena under Gold-Exchange Management . 350

(vi.) The same Phenomena in the Absence of an International

Standard ....... 356