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Chapter II. The World Economy

Published online by Cambridge University Press:  26 March 2020

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Extract

Developments prior to devaluation had not greatly altered the position as it appeared to us in August. The fuller information now available confirms that there was little change in the second quarter either in industrial production or in the value of world trade. The check to the growth of trade, which continued into the early part of the third quarter, was, however, rather more severe than we had supposed, particularly in the case of industrial countries' trade with one another.

Type
Research Article
Information
National Institute Economic Review , Volume 42 , November 1967 , pp. 20 - 31
Copyright
Copyright © 1967 National Institute of Economic and Social Research

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References

note (1) page 20 McGraw-Hill Fall Survey, 10 November, 1967.

note (1) page 21 Survey of Current Business, September 1967, page 13.

note (2) page 21 National Institute Economic Review No. 41, August 1967, page 22.

note (3) page 21 National Institute Economic Review No. 37, August 1966, pages 20-22.

note (1) page 30 See Appendix II, page 31.

note (1) page 31 Dr. Emminger, the chairman of the working party of the Group of Ten, is quoted as saying that this rather obscure provision means, for example, that ‘if a country has used all the special drawing rights allocated to it for 3 1/2 years, it is then obliged to repay the entire sum, and for one and a half years thereafter it may make no further use of special drawing rights’. (Verlag Weltarchiv GMBH, Hamburg, Inter Economics, November 1967, pages 288-289.) Presumably the argument is that 100 per cent (cumulative) use for 70 per cent of the period must be followed by nil (cumulative) use there after to restore the 70 per cent average.