Les investissements américains à l'étranger et l'équilibre international

[eng] Can an increase in American private investment abroad be substitue for public loans so as to obtain satisfactory and lasting balance of payment re-equilibrium For direct investments by American corporations abroad the prospects loolk more favourable than for portfolio investments Direct investments raise no insuperable problems of outlet and risk for American capital The financing of current balance of payment dollar deficits by this method would seem therefore to be practicable It is however doubtful whether this sort of capital movement can be such as to create the conditions necessary for satisfactory re-equilibrium of current balances themselves in longer period To produce such an effect foreign investments must first help to eradicate the causes of the deficit of the borrowing country vis-a-vis the lending country secondly this re-equilibrium must not be acquired to the detriment of third country or at the price of new breach in multilateralism It is to be feared that such conditions are not in fact fulfilled Other procedures for private investment g. through international agencies borrowing on the capital markets must be devised