The U.S economy borrowed heavily from the British in the nineteenth century to build a railroad system.

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The U.S economy borrowed heavily from the British in the nineteenth century to build a railroad system. What was the principal debt instrument used? Why did this make both countries better off?

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Economics of Money, Banking and Financial Markets

ISBN: 978-0321598905

9th Edition

Authors: Frederic S. Mishkin

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Question Posted: Aug 12, 2012 04:13 AM

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The U.S economy borrowed heavily from the British in the nineteenth century to build a railroad system.

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Foreign bonds where the principal debt instruments which were used and sold in the Br...View the full answer

Economics of Money, Banking and Financial Markets

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