The IMF's Interim Committee recently for the first time discussed the creation of a “Substitution Account” to convert certain amounts of excess reserve currencies into SDRs. This issue is likely to be on the agenda of the next annual meeting of the IMF in the fall of this year. Prof....

When the Bretton Woods system collapsed in December 1971 the expectation was that a reformed monetary system could be introduced within a year or two. The following article discusses the question why, contrary to this general expectation, the international instability in payments still exists...

President Carter assumed power in Washington in January, 1977. Since that time, many aspects of US foreign economic policy, especially those involving the less developed countries (LDCs), have been reviewed and some new approaches have been introduced. Foreign and concepts have been adjusted and...

Already in 1972 legislation for the exploration and subsequent exploitation of the resources of the deep ocean bed was first introduced in the USA. However, action was postponed each year in order to give the UN Law of the Sea Conference an opportunity to come forth with an acceptable treaty...