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Published online by Cambridge University Press: 26 March 2020
(1) The effects of transactions involving the United Kingdom only because of the multilateral use of sterling are excluded.
(2) The net effect of the various transactions with West Germany was to accelerate debt repayment by 83 over the five years 1957-61. The reserves presumably benefited correspondingly over the whole period. It is not, however, possible to distinguish accurately for a given year between effects on reserves and on other short-term capital items.
(3) A small part of this effect may have been on specified short-term capital items.