The International Monetary Fund is at present examining the possibility of borrowing on private capital markets in order to meet its growing refinancing needs. Reservations concerning such a step have been voiced in particular by the oil-importing developing countries. Professor Konrad analyses...

For nearly 50 years Germany has been criticised for the surplus on its balance of payments, especially on the current account. In 1965 and 1976, Charles P. Kindleberger analysed this phenomenon and predicted its persistence. The causes he presented were structural (the structure of German...