TITLE

Wobbly Dollar

PUB. DATE
January 1978
SOURCE
National Review;1/6/1978, Vol. 30 Issue 1, p18
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article reports on developments related to the status of the U.S. dollar in the international market. The dollar can't hold in its own against the British pound and Italian lira. The main reason for a falling dollar is fear of greater inflation in the U.S. than abroad. The huge U.S. trade deficit largely reflects the U.S.'s relatively rapid economic growth, which means that foreigners find it easier to sell to the U.S. than it does to them. The trade deficit could be financed with the private investments of foreigners, if there were much confidence in the U.S. commitment to pursue reasonably noninflationary policies. Instead, foreign central banks have collected about $25 billion in Treasury securities to shore up the dollar and help finance half of last year's budget deficit.
ACCESSION #
6071575

 

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