International Liquidity and the Reform of the Adjustment Mechanism

  • Tibor Scitovsky
Part of the International Economic Association Series book series (IEA)


Payments adjustment and the role of international reserves in facilitating it raise some of the major unsolved economic problems of our day. They can be approached from a number of points of view and at many levels. I propose to stay at the simplest level and discuss the basic aspects of the problem, partly because these are often overlooked in the heat of discussion over the finer points of detail, and partly also because the slow administrative procedures of an international and multilingual congress like the present leave me no other choice. I am forced to write this in the midst of the March gold crisis for delivery half a year later; only by concentrating on the eternal verities of the subject can I hope not to be overtaken by events.


Central Bank International Reserve International Liquidity International Monetary System Deficit Country 
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Copyright information

© The International Economic Association 1969

Authors and Affiliations

  • Tibor Scitovsky
    • 1
  1. 1.Development CentreO.E.C.D.ParisFrance

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