Insurance Transactions and the U.S. Balance of Payments

Abstract

The unfavorable U.S. balance of international payments, especially since about 1958, has been a matter of deep concern not only to the United States but also to all those nations which use the dollar as their reserve currency. These deficits in the balance of payments have caused an outflow of gold from the United States amounting to about $5,910 million from 1958 to the end of 1961. The effects of this outflow of gold have not been favorable to the United States and to the free world.' The international balance of payments for any country may be defined as: "a summary statement of all the transactions