The general question of what are the main determinants of international trade in the modern (post-World War I) world and what is their relative importance, as well as post-war discussion of international economics, are the foci of this volume.
Between 1951 and 1962 nearly ten billion dollars in long-term capital (both direct investment and purchase of securities) flowed into Canada. This massive amount represented one third of all long-term capital moving among industrial nations. Its transfer marked the first time since before World War I that the world witnessed such a large-scale international movement of capital motivated primarily by a prospect of higher rates of return. In Capital Transfers and Economic Policy the authors test the theory of the causes and effects of international capital movements against the evidence drawn from Canada's experience. They explore Canada's adjustment to capital flows and show how the operation of her economic policy is affected by the sensitivity of capital flows to the country's interest rates and foreign-exchange rate. Their brilliant analysis is particularly valuable in light of current trends in capital flows among industrial nations and the June 1970 return of the Canadian dollar to a flexible exchange rate, which put the economy in a working situation similar to that of the fifties.
The object of this study is to investigate the effects that complete and formal integration of the Canadian with the American capital market would have on the Canadian economy. It is based largely on recent trade statistics, particularly those of the period when the exchange rate floated. In summary, the short- and long-run effects could both be beneficial to Canada. This study is a convenient summary of a longer work by the same authors to be published in 1970.
The object of this study is to investigate the effects that complete and formal integration of the Canadian with the American capital market would have on the Canadian economy.
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