Die Rad-Und Vollketten-Zugmaschinen des Deutschen Heeres by Walter J SPIELBERGER


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If other assets, such as building society deposits or trade bills, were close substitutes for money, then interest rates on these assets would also rise during a crisis. Contractions of the money supply could be offset by expansion of such 'near money'. The Bank of England's success in preventing external drains sufficient to deplete Bank gold stocks maintained Britain on a fixed exchange rate relative to other gold standard countries. Supporting the external value of the currency was made easier by the United Kingdom's net asset position and the deposits of foreign banks in London, (Collins 1988).

Barnett, C. (1986) The Audit of War: the Illusion and Reality of Britain as a Great Nation, London: Macmillan. Bartrip, P. W. J. and Fenn, P. T. (1988) 'Factory fatalities and regulation in Britain 1878-1913', Explorations in Economic History 25: 60-74. Baumol, W. J. (1982) 'Contestability: an uprising in the theory of industrial structure', American Economic Review, 72: 1-15. Bean, R. and Peel, D. A. (1976) 'Business Activity, labour organisation and industrial disputes in the United Kingdom, 1892-1938', Business History, 18: 205-11.

Autocorrelation in a time series regression equation is the correlation of successive residuals which violates the assumptions of the ordinary least squares statistical model, rendering suspect tests of sig- 27 28 New perspectives of the late Victorian economy nificance on the estimated coefficients of the equation. Ogden removes the autocorrelation by a method due to Cochrane and Orcutt, and finds that the coefficients are no longer significantly different from zero. Another approach (Hendry and Mizon 1978) is to regard the presence of autocorrelation as a symptom that the equation is not correctly specified.

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