International Finance Section

On Terms, Concepts, Theories and Strategies in the Discussion of Greater Flexibility of Exchange Rates I am known, or even perhaps notorious, for my fondness of semantic exercises. Some of my friends will probably wince at reading this lead sentence and will mutter under their breath, " There he...

THE EXTERNAL LIQUIDITY OF AN ADVANCED COUNTRY' 1. INTRODUCTION The term liquidity is gradually taking on a somewhat more precise and commonly accepted meaning. At tlie beginning, as so often happens in economic discussion, references to "the liquidity problem" were picked up, like a piece of...

THE WELFARE EFFECTS OF CONTROLS OVER CAPITAL EXPORTS FROM THE UNITED STATESFor the past seven years varying degrees of Federal restraint have been applied to lending and investing abroad by residents of the United States. Purchases of long-term foreign securities from foreign residents were, with...

THE DOLLAR AND THE POLICY MIX: 1971 THE DEFICIT AND THE DOLLAR A decade ago Professor Rueff characterized the American balance-of-payments deficit as a "deficit without tears." He meant that the United States could buy expensive-to-make (European) resources with cheap-to-print dollars. The...