Britain's Liquidity Crisis and India, 1919-1920
本文认为，1920年印度稳定方案的形成只能从印度对黄金的需求威胁到英国战后脆弱的流动性这一背景来理解，该威胁决定了方案的通缩性质，并重新解读了印度对英国两次世界大战期间经济的重要性。
This article argues that the formulation of the 1920 stabilization package for India can be understood only against the background of the threat that its appetites for gold posed to Britain's already delicate postwar liquidity position.This threat determined the deflationary character of the package. The article not only takes issue with existing interpretations of the particular stabilization episode, but more generally suggests that India's significance to Britain's interwar economy may be reinterpreted in its light. The role of the periphery in Britain's adjustment to new circumstances in the interwar period deserves further research.