The current account balance known as net foreign investment in the national income and product accounts of the United States is largely determined by domestic factors that have changed the supply of national saving relative to the demand for domestic investment. Thus, the estimated rate of net...

During the period 1973-78, no SDR allocations were made. This period therefore presents researchers with an opportunity to study how countries adjust their SDR holdings in the absence of supply shifts caused by new allocations. Non-oil developing countries are particularly useful to study,...

In recent years, official holdings of foreign exchange increasingly have been diversified by currency. If the desire for such diversification were also to extend to nationals without significant foreign payments obligations, traditional monetary relationships might be disturbed and the...