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This paper provides an analysis of attempts at international coordination of national policies leads to the conclusion that true international action that has a good chance to succeed for specific measures, such as changes in exchange rates, customs tariffs, and perhaps discount rates. There is, on the other hand, little reason to assume that the desire prevalent in all countries for full employment, stable prices, and growth could be supported to any important degree by the acceptance of international obligations. The targets of economic policy as they have been put forward for our discussion appear simple and noncontroversial: reasonable price stability, full employment and an adequate rate of growth, and balance of payments equilibrium. If in any country the relationship between wages and employment is such that at full employment wages increase more rapidly than is compatible with price stability, then obviously the price and employment objectives of that country are not compatible.
Agricultural commodities --- Agriculture: General --- Banking --- Banks and Banking --- Commodities --- Currency --- Deflation --- Exchange restrictions --- Exports and Imports --- Exports --- Farm produce --- Finance --- Financial institutions --- Financial Instruments --- Foreign exchange reserves --- Foreign Exchange --- Foreign exchange --- Industries: Financial Services --- Inflation --- Institutional Investors --- International economics --- International trade --- Investments: Commodities --- Macroeconomics --- Monetary Policy --- Mutual funds --- Non-bank Financial Institutions --- Pension Funds --- Price Level --- Prices --- Trade: General --- United States
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The purpose of this paper is to assemble in systematic fashion the available information on the transactions of the USSR with the countries of the Soviet area and with the rest of the world during the period 1955–1958. The offset to gold and foreign exchange loans represents cash disbursements or repayments in connection with USSR credits. The entries for countries outside the Soviet area cover gold disbursements to Finland and Yugoslavia. In 1958, the Ministry of Foreign Trade of the Soviet Union published detailed statistics on the foreign trade of the USSR during the years 1955–1957. Trade among countries of the Soviet area is conducted within the framework of the over-all economic plans of the individual countries. Prices, together with quantities to be traded, are fixed in bilateral agreements, and these prices apply for the duration of the contract. Trading procedures are such that they minimize short-term capital movements. Limits are set on the indebtedness permitted in the clearing accounts, so that the indebtedness can be repaid by the end of a given year.
Bonds --- Credit --- Deflation --- Export prices --- Exports and Imports --- Exports --- Finance --- Financial institutions --- General Financial Markets: General (includes Measurement and Data) --- Inflation --- Interest Rates: Determination, Term Structure, and Effects --- International economics --- International trade --- Investment & securities --- Investments: Bonds --- Macroeconomics --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- Money --- Price indexes --- Price Level --- Prices --- Trade: General --- United States
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