Board of Governors of the Federal Reserve System (U.S.), 1935- and Brimmer, Andrew F. "Export Expansion, Export Financing and the U.S. Balance of Payments." A Paper presented at the 47th Annual Meeting of the Bankers' Association for Foreign Trade, Boca Raton Hotel, Boca Raton, Florida, May 21, 1969, https://fraser.stlouisfed.org/title/463/item/10362, accessed on May 4, 2025.

Title: Export Expansion, Export Financing and the U.S. Balance of Payments : A Paper presented at the 47th Annual Meeting of the Bankers' Association for Foreign Trade, Boca Raton Hotel, Boca Raton, Florida

Date: May 21, 1969
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image-container-0 For Release on Delivery Wednesday, May 21, 1969 9:00 a.m., E.D.T. EXPORT EXPANSION, EXPORT FINANCING MP THE U.S. BALANCE OF PAYMENTS A Paper Presented By Andrew F. Brimmer Member Board of Governors of the Federal Reserve System At the 47th Annual Meeting of the Bankers 1 Association for Foreign Trade Boca Raton Hotel Boca Raton, Florida May 21, 1969
image-container-1 EXPORT EXPANSION, EXPORT FINANCING AND THE U.S. BALANCE OF PAYMENTS By Andrew F. Brimmer* The expansion of exports has been a major objective of U.S. foreign trade policy throughout the present decade. Moreover, as our foreign trade surplus has shrunk year-by-year since 1964, the campaign to stimulate exports has gained in intensity, with both private industry and Federal Government agencies devoting increasing amounts of time and resources to the effort. A central theme characteristic of virtually all of these efforts has been the persistent quest for means of expanding the availability of export financing. Unfortunately, in far too many instances, it seems that many participants in the export expansion campaign are fail- ing to distinguish clearly between the desirable goal of expanding exports and the equally desirable goal of minimizing unnecessary capital outflow including the extension of U.S. credit against export shipments for which foreign buyers can pay cash or which can be financed with foreign funds. In my opinion, the time has come for us to move beyond the familiar rhetoric of foreign trade promotion to a careful reassessment of the role which increased U.S. financing (particularly that originating with commercial banks) can play in facilitating a more rapid growth of *Member, Board of Governors of the Federal Reserve System. I am grateful for the assistance of several members of the Board 1 s staff in the preparation of this paper. I am particularly indebted to Messrs. Bernard Norwood and Gordon Grimwood who work closely wi^h me in the administration of the Voluntary Foreign Credit Restraint Program. Mr. Daniel Roxon was primarily responsible for the analysis long-run trends in U.S. foreign trade.
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Date: May 21, 1969
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