Chapter 5 National and International Background and Policies
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International Monetary Fund
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Abstract

INTERNATIONAL transactions in 1960 were strongly influenced by the divergent movements in the trade cycles of the principal industrial countries in North America, Western Europe, and Japan, which brought about major changes in the pattern of world trade. The effect of these changes upon the structure of international payments was, however, offset by very large capital movements associated with the divergent economic trends, and intensified by the financial policies adopted to induce or restrain economic expansion in different countries.