Abstract

IN international financial relations, 1964 was marked by somewhat greater strains than had been experienced for some time. This was in contrast to the immediately preceding years, during which the structure of international payments had appeared on the whole to be improving. The strong pressures on the lira in March, and on sterling in November 1964—both of which were allayed by drawings on the Fund and by support from central banks and other financial institutions—were dramatic symptoms of these strains. Another was the activation of the General Arrangements to Borrow.

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    Selected Areas and Countries: Industrial Production, Seasonally Adjusted, 1961–April 1965

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    Selected Countries of the European Economic Community: Industrial Production, Seasonally Adjusted, 1961–April, 1965

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    Selected Areas and Countries: Wage Rates, 1961–April 1965

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    Selected Countries: Wage Costs per Unit of Output in Manufacturing, 1961–64

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    Selected Areas and Countries: Import Prices, 1961–First Quarter 1965

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    Selected Areas and Countries: Wholesale Prices, 1961–April 1965

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    Selected Areas and Countries: Cost of Living, 1961–April 1965

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    Selected Areas and Countries: Cost of Living, 1961-April 1965

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    Selected Countries: Central Bank Discount Rates, 1961-April 19651

    (In per cent per annum)

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    Term Structure of Interest Rates

    (In per cent)

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    Selected Countries: Exchange Rates, 1961–April 19651

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    Covered Short–Term Interest Rates, 1961–April 1965

    (In per cent)

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    United Kingdom: Term Interest Differentials, 1963–April 1965

    (In per cent per annum)

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    Selected Countries: Long–Term Government Bond Yields, 1961–April 1965

    (In per cent per annum)

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    U.K. External Sterling Liabilities, 1961–March 1965

    (In billions of pounds sterling)

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    U.S. International Liquid Liabilities, 1961–March 1965

    (In billions of U.S. dollars)

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    Volume of World Exports and Seasonally Adjusted Volume of Exports and Imports of Four Major Areas, Quarterly, 1961–64

    (1960 = 100)

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    EEC Countries, United Kingdom, and Other EFTA Countries: Volume of Trade, Seasonally Adjusted, Quarterly, 1961–64

    (1960 = 100)

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    Manufacturing Countries: Seasonally Adjusted Trade Balances, 1961–First Quarter 19651

    Monthly averages in millions of U.S. dollors

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    Selected Areas and Countries: Balances of Payments, 1957–64

    (In billions of us dollars)

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    All Countries in Balance of Payments Deficit: Aggregate Deficit, 1958-First Quarter 1965

    (In millions of U.S. dollars)

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    Primary Producing Countries: Prices of Commodities Exported (Excluding Petroluem), 1962-First Quarter 1965

    (1957 = 100)

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    Selected Primary Products: Changes in Average Prices in 1963 and 1964

    (In per cent)

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    Primary Producing Countries: Balances of Payments, 1957–64

    (In billions of U.S. dollars)

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    Primary Producing Countries: Basic and Over-All Balances of Payments, 1957–64

    (In billions of U.S. dollars)

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    Gold: Estimated Supply and Absorption, 1951–64

    (In millions of U.S. dollars)

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    Gold: Price in London Market, Monthly Averages, March 1954-April 1965

    (In U.S. dollars a fine ounce)

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    Outstanding Balances of Drawings from the Fund, and Unused Stand-By Arrangements, on April 30, 1948–65

    (In millions of U.S. dollars)

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