Foreign Exchange and U.S. Balance-of-Payments Developments in 1972 and Early 1973
The magnitude of the U.S. balance-of-payments deficit and concern about the effective operation of the international monetary system dominated thinking about U.S. payments problems and policies in 1972. The same concerns had been paramnount in 1971. The overall U.S. deficit during 1972 was reduced to $10.3 billion from $29.8 billion in 1971 as net short-term capital outflows subsided.
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