War Credits

War credits were one of the crucial means of financing the war. They were raised in various forms, by various methods, and in various amounts, by all belligerent nations at home and sometimes abroad. War credits were necessary because some elements of normal state receipts fell drastically upon the outbreak of war, while the financial burden abruptly multiplied. War credits were raised at home in the form of short- or long-term government bonds, or by increasing the amount of paper cur…