TY - BOOK ID - 84550578 TI - IMF Staff papers : Volume 11 No. 3. AU - International Monetary Fund. AU - International Monetary Fund PY - 1964 SN - 1475500858 1463997469 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Currencies KW - Currency KW - Current Account Adjustment KW - Exchange rates KW - Exchange restrictions KW - Exports and Imports KW - Exports KW - Finance KW - Finance: General KW - Financial markets KW - Foreign Exchange KW - Foreign exchange KW - General Financial Markets: General (includes Measurement and Data) KW - Government and the Monetary System KW - Imports KW - International economics KW - International trade KW - Investment & securities KW - Macroeconomics KW - Macroeconomics: Consumption KW - Monetary Systems KW - Money and Monetary Policy KW - Money market KW - Money markets KW - Money KW - Payment Systems KW - Regimes KW - Saving KW - Short-term Capital Movements KW - Standards KW - Trade: General KW - Wealth KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84550578 AB - This paper describes steps taken by the Venezuelan Government to meet the balance of payments crisis which developed from 1958 to 1960. In addition to balance of payments considerations, several factors associated with the development policies of the Government were considered in establishing the exchange rate. Petroleum exports have long played a dominant role in the balance of payments of Venezuela, accounting for more than 90 per cent of export earnings. The results achieved reflected the characteristics of Venezuela, particularly the balance of payments advantages and the strong tax base in an economy dominated by the petroleum industry. Nevertheless, the experience of the Venezuelan authorities provides a case study of the complexities and difficulties of exchange control devices and multiple exchange rates. It also illustrates the successful operation of monetary, fiscal, and exchange policies in overcoming balance of payments difficulties. In addition, examination of this experience casts some light on the economic effects of measures taken to control the balance of payments. ER -