THE 1932 foreign trade figures of the leading commercial countries afford an opportunity for speculation with regard to the effects of currency instability upon imports and exports. The trade of three countries with stable currencies -- France, Germany and the United States -- may be compared with that of two countries with depreciated currencies -- Great Britain and Canada. In theory, currency depreciation tends to stimulate exports and to check imports. Investigation shows that the exports of all the countries mentioned were less in 1932 than in 1931, but that the decline was substantially greater in the stable-money countries. The decrease in the

This article is part of our premium archives.

To continue reading and get full access to our entire archive, you must subscribe.