ALBERT

Notes: In this paper we evaluate the welfare effects of changes in a country's terms of trade and in its import tariff. Imports are treated as intermediate goods, and the welfare measures which we use are based on production theory and on duality theory with special attention devoted to the setting of international trade theory. Empirical estimates are reported for the United States, Canada, Australia, and Switzerland.

Notes: In this paper we assess the resource cost of rent seeking activity in India, taking into account controls over foreign trade, capital markets, goods and labour markets. Using the approximation that the value of rents equals the welfare cost of rent seeking, gives a range from 30-45 percent of GNP using data for 1980-81. Some of the wider implications for the measurement of the welfare costs of distortions are discussed. The main development policy issues raised by the calculations are also outlined.

Notes: Afrigue Contemporaine. Documents d'Afrique Noire et de Madagascar. N|Mo76. Novembre-décembre 1974. 13eannée. Paris 1974. Centre d'Etude et de Documentation sur l'Afrique et l'Outre-mer. 47 p. F 6.50Agee Philip: Inside the company: CIA Diary. (Penguin Books.) Harmondsworth 1975. Penguin Books. 639 pp.Allen R. I. G. and Gossling W. F. (Eds.): Estimating and Projecting Input-Output Coefficient. London 1975. Input-Output Publishing Company. 104 pp.Arndt Helmut: Wirtschaftliche Macht. Tatsachen und Theorien. (Beck'sche Schwarze Reihe. Band 119.) Munchen 1974. C. H. Beck. 210 S.Arrow Kenneth J.: Choix collectif et préférence individuelles. (Perspectives de l'économique. Critique.) Paris 1974. Calmann-Lévy. 234 pp.Atteslander Peter: Dichte und Mischung der Bevölkerung. Raumrelevante Aspekte des Sozialverhaltens. (Stadt- und Regional-Planung.) Berlin und New York 1975. Walter de Gruyter. 106 S. DM 24.-Avantaggiati Michele: Il bilancio dell'impresa. Nuova impostazione metodologica. 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Notes: The authors try to analyse the phenomenon of the international connection of business cycles of countries and industries between 13 grand OEGD countries and 5 important industries during the period from 1960-1975, whether and how the strength and the structure of interdependence have changed and whether there can be observed a systematical influence of the formation of zones of integration, EEC and EFTA, on the connection of business cycles. The study is based on principal component analysis and transformation analysis. The results are conducive to an increase of connection of business cycles between all countries concerned. Regarding the structure of international interdependence there is demonstrated that the process of integration has now passed beyond the border of the former EEC and EFTA and included all important industrial countries. The authors conclude that an international convention of economic policy — in order to be successful — cannot be restricted to the European Community only but would have to integrate all important industrial countries.

Notes: The real rate of return on international financial assets has been low during the period 1952-1974, the yields of gold and dollars switched dramatically vis-a-vis one other in 1968, and the present formula used by the IMF to compute the return on SDRs produced a real rate of return below that available on national currencies over the twenty-three year period. The low and sometime negative real return on international financial assets suggests that nations value the liquidity services highly and draws further attention to the controversy over the reason for their low yield. The switch in the yields of dollars and gold supplements our understanding of the collapse of the gold exchange standard in 1971. The poor performance of SDRs relative to other stores of international liquidity suggests that the formula for computing the return to SDRs must be revised if they are to play a significant role in the future.