It is clear that a number of major oil exporting countries will continue to have large structural surpluses in their balances of payments on current account for a number of years to come, and also that these surpluses will be matched by capital outflows. If the adjustment process is to operate...

Although past studies of the adequacy of reserves held by the various countries have made some allowance for easily identified situations of actual or potential excess reserve accumulation in individual countries, little systematic consideration has been given to the overall distribution of...