Major Payments Imbalances and International Financial Stability: Draft Report of the Trilateral Task Force on Payments Imbalances to the Trilateral Commission |
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asset diversification balance of payments billion in 1978 borrowing current account deficit current account surplus cyclical positions Debt Service decline deficit countries demand management policies depreciation discussed economic European Community European Monetary European Monetary System exchange rate changes expected extent external factors floating exchange rates foreign currency Foreign Exchange Market Fujioka Germany growth rates imports industrial countries inflationary instability interest rates international bank lending international liquidity Iran J-curve effects Japanese Kuwait low income MacLaury major middle income non-oil developing countries Non-Oil LDCs OECD oil price oil shock OPEC surplus payments adjustment payments imbalances payments position percent period persistent imbalances price increases problems reduced relative prices reserve assets reserve currency risk Saudi Arabia shift stability substantial surplus and deficit surplus countries Switzerland TABLE terms of trade Trilateral Commission trilateral countries U.S. current account U.S. deficit U.S. dollar United Kingdom World Bank world economy world payments