1. Owen, Middle East, p. 233.
2. The Egyptian Gazette, Alexandria, 29 Dec. 1903.
3. Albert Fishlow suggests that in estimating real returns on foreign debt, export prices should be used for deflating outpayments, import prices for deflating inpayments. (“Latin American External Debt”).
4. The concept of “real” rate of interest is not well defined. There is uncertainty about the price index to be applied. A profound problem is what should be understood by “in real terms.” Modern monetary theory often assumes that “in real terms” should mean “in terms of consumer goods.” It may be argued that for traditional societies “in real terms” should be taken to mean in terms of gold or land.