Potential Effects of U.S. Commodity Grants to Other Countries
1968
Deans, Robert H.
Different types of local currency have been generated by U.S. commodity grants since the inception of P.L. 480 in 1954. As an aid instrument, these local currencies have good points, but they also have serious deficiencies which can be traced to the inherent nature of soft currencies and their legal ownership. The differing economic effects of U.S.‐owned and country‐owned local currencies became significant when P.L. 480 became a major source of U.S.‐owned local currencies. Before 1954, about 95 percent of local currency deposits were country‐owned; since then, 66 percent of these deposits have been U.S.‐owned. The monetary and real effects of these two types of local currency are examined, as are the implications for U.S. aid policy.
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