Word: outflowing
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...took a significant step last week toward freeing the international movement of capital for loans and investments. The Nixon Administration discarded a series of capital controls that had been imposed by the Kennedy Administration in 1963. The controls had aimed to reduce the outflow of dollars to expanding economies in Europe, Japan and elsewhere, and to narrow U.S. balance-of-payments deficits...
Though Americans can now send dollars out of the country more or less as they please, a sizable net outflow of capital is not likely. A major reason is that lifting the controls will probably reduce the value of the dollar again in international markets, thus making U.S. goods and securities as much of a bargain for foreign investors as they were last year. Indeed, many bankers expect Arab governments to invest much of their swelling oil revenues...
...ever certain whether the capital controls sufficiently limited the outflow of money to be worth the effort of administering them. Treasury Secretary George Shultz strongly disliked them. Said Shultz: "Whatever net restraint really existed, the cost was high." Last week's removal immediately led other nations to take their own steps toward freedom. The governments of Canada, West Germany and Belgium said that they would lift their capital controls in response to the U.S. move, and The Netherlands is expected to follow suit...
...annual interest and buying Treasury bills, bank certificates of deposit (CDs) and other investments that sometimes yield more than 9%. Through early 1973, S and Ls were taking in savings at an average net rate of more than $1 billion a month, but they suffered a net outflow in July; in August a staggering $1.2 billion was withdrawn, the third largest monthly loss on record. Since then, the situation has improved little...
...coincidence, the outflow began when Washington granted financial institutions permission to sell so-called "wild card" CDs. The wild cards, sold to savers who will keep at least $1,000 on deposit for at least four years, yield interest at whatever rate the issuer chooses to pay; Manhattan's First National City Bank last week was offering CDs yielding 9.59% for this quarter. S and Ls can and do sell wild cards, but their ability to do so is severely limited by a rule specifying that the total amount of wild cards an institution offers cannot equal more than...