The 16 reference contexts in paper Moshenskyi (2017) “Розвиток ринку цінних паперів у 1940-і роки: шлях до фінансового лідерства США // DEVELOPMENT OF THE US SECURITIES MARKET IN THE 1940-S: THE ROAD TO FINANCIAL LEADERSHIP” / spz:ztu:ven:89737

  1. Start
    1905
    Prefix
    But the development of the US securities market and leadership in the 1940-s are researched not enough by home science. How much the problem has already been researched. The US securities market and leadership in the 1940-s were examined by various authors
    Exact
    [3, 5, 7–12, 15 and others]
    Suffix
    . Thus, the problem of the US securities market and leadership in the 1940-s system analysis remains unsolved yet. The object of the research – international economics in the 1940-s. The subject of the research – securities market in the 1940-s.
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  2. Start
    3364
    Prefix
    The amount of operations at the New York Stock Exchange decreased annually since 1936 (only in 1939 at 18,4%). That is why the news about the beginning of the war in Europe on the 1-st of September 1939 added a little to the general tendency
    Exact
    [20, р. 6]
    Suffix
    . The war beginning was not a shock for stock exchanges and didn’t cause panic though it effected the system of international relations and resulted into stagnation at the world securities market. World securities market didn’t stop working or stopped for a while like the London one.
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  3. Start
    4491
    Prefix
    The general value of bonds of foreign loans at the London Stock Exchange (which was not directly influenced by the war actions) was only £9,5 000 000 from 1945 to 1949 in comparison with £23,3 000 000 in 1939
    Exact
    [15, р. 209]
    Suffix
    . The New York Stock Exchange appeared to be in the most favorable position at the war years. Those who managed to take their capital from Europe occupied by the war were bringing it in New York.
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  4. Start
    6317
    Prefix
    The banks, which took part in the spreading of war bonds didn’t get any profit, thus it was considered the banks did that for general state interests. The placement of loans succeeded and at the end of the war the state debt of the USA increased from 48 billion dollars to 260 billion dollars
    Exact
    [13, р. 720]
    Suffix
    . The major part of bonds of war loans didn’t reach the secondary market and remained as long-term assets in banks. Though the amount of operations with bonds at the New York Stock Exchange increased from 1,7 billion dollars in 1940 to 2,3 billion dollars in 1945.
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  5. Start
    9730
    Prefix
    New working places were made at the war time. As the war years didn’t favour upon savings spending, the savings amount gathered from 1941 to 1945 increased rapidly up to 137 billion dollars, that is 10 times more than from 1935 to 1939
    Exact
    [3, р. 129–130]
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    . Such savings are considered to be problem by American economists as after the war end this free capital could cause a new boom and result into a crisis like “Big Crises” happened in 1929. And, really, from 1945 to 1946 purchasing boom started, however, the industry met consumers’ demands and commodity markets became overcrowded fast enough.
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  6. Start
    14444
    Prefix
    The USA developed Marshall’s Plan for Europe and Dodge’s plan for Japan as an alternative. According to these plans European countries and Japan were given big dollar credits to get foreign equipment necessary for reviving destroyed industrial enterprises
    Exact
    [12, р. 268–269]
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    . They began realization of Marshall’s Plan in april 1948, the plan had to be implemented during 4 years. From 1948 to 1952 about 13 billion dollars were invested into Western European countries, and 1,2 billion dollars were given to Japan (in 1953 investments to Japan в reached 4,4 billion dollars) [9, р. 137–130].
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  7. Start
    14762
    Prefix
    They began realization of Marshall’s Plan in april 1948, the plan had to be implemented during 4 years. From 1948 to 1952 about 13 billion dollars were invested into Western European countries, and 1,2 billion dollars were given to Japan (in 1953 investments to Japan в reached 4,4 billion dollars)
    Exact
    [9, р. 137–130]
    Suffix
    . The only country, which suffered the least of the war, was England, however a part of enterprises remained closed and the country was in great need of credits. Enormous war debts definitively broke international status of pound sterling.
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  8. Start
    15807
    Prefix
    Its seriousness show the introduction of cards for provisions (England didn’t have them even during the war time) that existed till 1954. The financial crisis which began in 1947, further became chronic and the state debt increased to 25,8 billion pounds in 1950
    Exact
    [10, р. 101]
    Suffix
    . One of the conditions of American loan was to decrease protectionist tariffs in the countries of British Empire. It meant the opening these markets for American goods and was the negation of the right of British Empire to exist, on the other hand.
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  9. Start
    16287
    Prefix
    The downfall of colonial empire started during 1947–1948 and it was another blow for the British economy because England lost not only the sources of raw materials, but also ринків збуту sales markets
    Exact
    [8, р. 88–93]
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    . Quite recently, before the war, England was a center of enormous Empire, but now she became only an island on the north of Europe where lived 58 million people accustomed to rich lives due to colonies.
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  10. Start
    18754
    Prefix
    The effluent of gold and currency was so strong that in September 1949 the Labour government had to devalue pound and to reduce its rate from 4,03 to 2,8 dollars. Afterwards started mass devaluation of currencies in the countries belonged to the sterling zone
    Exact
    [1, с. 254–259]
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    . The influence of the state on its economy was going up, this had never characterized Great Britain before. From 1946 to 1951 were nationalized the Bank of England, enterprises of coal and gas industries, railway stations, electric power stations, Radio and TV.
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  11. Start
    23280
    Prefix
    When this Stock Exchange became a total monopolist, regional stock exchanges lost their influence. The state influence caused the situation when 60% of bonds issued in Paris was state or was issued by big state enterprises
    Exact
    [18, р. 70–71]
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    . In this way, the possibilities for speculative operations were liquidated at the French securities market and this market lost its attraction for investors. And bank credits became the main source of industrial financing.
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  12. Start
    23775
    Prefix
    In such conditions total amount of securities in 1947–1955 was only 11,1 % from the value of all the national assets and they were mainly state bonds. Generally, such a situation was characteristic for many countries of continental Western Europe in 1950-s
    Exact
    [15, р. 215]
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    . During the war the economy of Germany suffered the most than in other European countries, and the country itself was divided into two parts after capitulation. Eastern Germany appeared to be under the USSR influence and went along the road of creation of the planned economy of the Soviet type.
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  13. Start
    25060
    Prefix
    It was obvious that if Germany kept on going along the deindustrialization road the country economy would be in a complete decline and would be not able to pay out reparations. In 1947, finally, the Morgantown’s plan was refused of and it was changed by Marshal’s plan
    Exact
    [5, р. 310–311]
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    . The pre-war level of production was successfully restored in 1951, and then the period of accelerated economic growth (up to 9 % annually) started. Western Germany (where the goal was put to create «social market economy» took the second place in the world amount of industrial production.
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  14. Start
    25553
    Prefix
    Western Germany (where the goal was put to create «social market economy» took the second place in the world amount of industrial production. This economic miracle could be explained in the following way. The German industry destroyed by the war was much more modernized than the industries of France and England
    Exact
    [11, р. 172–173]
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    . Industrial modernization held mainly at the expense of the state. Increased income tax for corporations (that in post-war years reached 94 %) was used for this. Besides, Potsdam’s agreements banned Germany to create the war industry, thus, expenses for defense in Western Germany made not more than 5–6 % of state budget.
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  15. Start
    27429
    Prefix
    The securities market was fragmentary and unstable, that is why banks dominated in the financial system. There was nothing new in it for Germany because the leading role of big banks in the economy financing had become a tradition since Bismarck’s time
    Exact
    [16, р. 229–263]
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    . About 70% of investment capital came from foreign sources, the rest of it was invested into the industry by German banks. The stock market in Germany was weak and this financing source did not play an essential role.
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  16. Start
    29780
    Prefix
    The secret of such fast increase was not only in the complete restoration of Japanese enterprises, but because also that Japanese people bought ready technologies in the postwar period. This saved not only money, but also time and complete modernized branches of industry were created in Japan
    Exact
    [12, р. 280–281]
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    . Japanese peculiarities of labour organizing, traditions of collectivism and solidarity also played a big role. An enterprise considered to be a family taking care of all its workers, that is why everyone worked hard there.
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