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By Toru Iwami (auth.)

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In fact, it alone maintained a fixed price in terms of gold. These facts reflected American competitiveness and its huge accumulation of gold reserves. Despite these advantages, the dollar did not overtake sterling until the mid-1950s. World trade still depended on short-term finance supplied by London throughout the 1950s. Trade finance facilities are based on accumulated information and know-how, and do not represent the direct outcome of a surplus in the current account (capital exports). More important is the fact that the sterling-area countries held a major part of the sterling balances (a legacy of British borrowing during the Second World War).

774-78, for example. 16. de Cecco (1974), p. 125, Eichengreen (1990), pp. 309-10. As evidence of declining confidence, de Cecco referred to the fact that the Bank of England could not stop the large-scale outflow of gold to the USA in 1907 by conventional means (namely, by raising the Bank Rate). 17. Cohen (1971), Table 4-3, pp. 73ff. 18. Statistics on foreign bond issues are from Aubrey (1964), Appendix Table 2. Aubrey (p. 175) also reports that in the early 1960s, trade finance in dollars was greater than in pounds sterling.

136, 138, 152-54). Ouchi's (1973) concept of 'state-monopolistic capitalism' is based on the same recognition of historical development, although he followed the Marxist tradition, using terminology such as 'the general crisis of capitalism'. 21. See Grubel (1971) and Frenkel (1974) for the demand function of international reserves. 22. Calculated from IMF, IFS 1987. 23. It is true that greater variability in trade (or in the balance of payments) increases the demand for reserves, but modelling the variability is not selfevident.

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