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The Dollar

Published online by Cambridge University Press:  26 March 2020

F. G. Davidson ,
H. B. Junz ,
A. Maizels  and
H. J. Spicer
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Extract

In the past year, the high rate at which gold has flowed out of the United States has attracted attention. There has been talk of the ‘weakness’ of the dollar and even of the possibilities of devaluation. This article examines the developments in the United States balance of payments which underlie these opinions.

Type
Research Article
Information
National Institute Economic Review , Volume 2 , March 1959 , pp. 16 - 25
Copyright
Copyright © 1959 National Institute of Economic and Social Research

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References

note (1) page 16 See pages 6-7, National Institute Economic Review, Number 1, January 1959.

note (2) page 16 Retained imports. The decline on the balance of pay ments basis would probably be slightly greater.

note (1) page 18 In this analysis, the Standard International Trade Classification has been used, in which steel and other metals (but not ores and scrap) are included as manufactures.

note (2) page 18 See Appendix, table 19.

note (1) page 20 The change in market pattern has been calculated by using base-period weighting, while that in shares uses current-period weighting. It is unlikely that substantially different result would be obtained if the reverse procedure were used.

note (1) page 22 Movements of unrecorded speculative funds show up in the errors and omissions item in the United States balance of payments. As shown in table 20, it was abnormally large in 1957 and low in 1958.

note (1) page 23 Excluding military grants and aid, amounting to about $2.5 billion annually.

note (1) page 25 Short-term liabilities to foreign official institutions and banks.