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This paper focuses on the relation of inflation to economic development. Due to the inadequacy of savings and the difficulty of directing them into productive investment, there is a strong temptation to raise the level of investment by expanding bank credit—that is, by inflation. In most low-income countries, even the most forceful measures for increasing savings and for applying them to the most urgent needs would still leave the economy with inadequate resources for the investment necessary to assure tolerable progress in raising productive efficiency and expanding production. The only way of securing adequate resources for development in such countries is by supplementing domestic savings with capital from abroad. It is characteristic of the underdeveloped countries that the resources they put into investment are generally a smaller proportion of their very much smaller national product than is true for the more highly developed countries. The proportionally low level of investment in underdeveloped countries may be due to various factors. Frequently, though not universally, the cause of inadequate investment is the unavailability of savings.

Aggregate Factor Income Distribution --- Currencies --- Currency --- Deflation --- Exports and Imports --- Exports --- Foreign exchange --- Government and the Monetary System --- Income economics --- Income --- Inflation --- International economics --- Investment & securities --- Labor --- Labour --- Macroeconomics --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- National accounts --- Payment Systems --- Personal income --- Price Level --- Prices --- Regimes --- Standards --- Trade: General --- Wages --- Wages, Compensation, and Labor Costs: General --- United States

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This paper discusses various foreign payments practices in the United States. Most foreign payments in the United States are, therefore, done along traditional lines in whatever manner. Several nontraditional practices, however, have developed in recent years as the result of trade and payments restrictions established by foreign Governments. The amount and type of exchange sold by the US banks to their customers are limited only, if at all, by regulations abroad or by the banks' own limitations. In making or receiving foreign payments, the US banks deal generally with three types of customers which are, in the order of their importance: exporters and importers, individuals or corporations desiring to make or receive nontrade financial payments, and speculators. Foreign payments for account of individuals are usually small individually however, in the aggregate, they represent an important function of the banks located in the larger cities with a considerable foreign-born population.

Aggregate Human Capital --- Aggregate Labor Productivity --- Banking --- Banks and Banking --- Currencies --- Currency --- Economic theory --- Empirical Studies of Trade --- Employment --- Exports and Imports --- Exports --- Foreign Exchange --- Foreign exchange --- Government and the Monetary System --- Imports --- Income economics --- Income --- Intergenerational Income Distribution --- International economics --- International trade --- Labor --- Labour --- Macroeconomics --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- National accounts --- Payment Systems --- Personal income --- Personal Income, Wealth, and Their Distributions --- Regimes --- Standards --- Trade: General --- Unemployment --- Wages --- United States