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Published online by Cambridge University Press: 26 March 2020
The last twelve months have been a period of economic stagnation in the United States and exceptionally rapid expansion in continental Western Europe. In the second quarter industrial production was 2 per cent lower in the United States and about 6 per cent higher in continental Western Europe than it had been a year earlier.
(1) OECD, Economic Outlook, no. 7, July 1970, page 42.
(1) Verlag Weltarchiv Gmbh Hamburg, Inter-Economics, July 1970, page 231.
(1) The Outlook for Economic Growth’, OECD 1970, page 16.
(1) A fuller discussion of movements in OECD countries' export prices is given in OECD Economic Outlook, no. 7, July 1970, pages 6-10 et al.
(1) Op. cit., page 16.
(1) OECD Press Release A (70) 44.
(1) The main differences between the ‘official settlements' and ‘liquidity’ definitions of the balance of payments is that changes in liabilities to commercial banks overseas, including overseas branches of United States banks, are treated under the former as autonomous capital flows but under the latter as a financing item.
(2) After an earlier period of ‘floating’ from 30 September 1950 to 1 May 1962, with the Canadian dollar initially at a premium, the rate had been fixed at 1.08108 Canadian dollars per United States dollar.
(3) These figures probably exaggerate the extent of the change because of the method used for customs valuation of United States imports.