InHiicncc of Credit on Prices 5 



In England the recovery is somewh-at slower, 2 years and 9 

 months for clearings and 5 years for prices. Bvit in the crises 

 here considered, exactly the same time elapses in both countries 

 after the recovery of clearings before prices begin to rise, the 

 average difference being 2 years and 3 months. 



Turning to the consideration in more detail of the movement 

 of credit, the bank items for the United States, England, and 

 •France are offered •} 



Table II 

 J/int7uuin Poitit After a Crisis 



'In all the tables :.cro means the crisis year. 



45 



