By V.N. Bandera
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Additional resources for Foreign Capital as an Instrument of National Economic Policy: A Study based on the Experience of East European Countries between the World Wars
The narrow objectives were achieved: The state budget became balanced, and the currency stabilized. In J une 1926, the League recalled its Commissioner General. These favorable developments helped to establish the credit-worthiness of the country. As a result, Hungary, affering high rates of return to capital, gained access to capital markets. In the case of Poland and Hungary, it was not merely the availability of foreign capital for currency reserves and for balancing the state budgets that was important.
Theinability of Hungary to stabilize her currency by relying on her own resources closely parallels the Polish experience. Although historical details differ, the basic problern and its solution were similar in the two countries. In 1921 Dr. Hegedüs, Hungary's new Minister of Finance, introduced drastic measures to balance the state budget and to establish confidence in the currency. For a while, the newly introduced gold crown began to appreciate from 2,100 paper crowns in January 1921 to 1,380 in March, and 88o in May.
Francke, 1939), so-ss. The subsequent analysis is based on the relevant monthly data in League of Nations, Monthly Bulletin of Statistics. DURING THE GREAT DEPRESSION 1930-1939 47 November 1929 to 5-5% in May 1930. Sirnilar, though smaller, reductions of the rates occurred in Poland and Estonia. 6 Since national credit systems tended to transform external short-term loans into long-term loans at home, this reduced the immediate impact of the autonomous decline in longterm capital inflows. Unfortunately, although the bank rates responded to capital inflows, the opposite did not occur.