UNITED STATES EXPERIENCE.

The article discusses the balance of payments in the United States. It is explained that in the United States the balance of payments is considered as "disciplining" the domestic economy. The article also takes the approach that developments in the domestic economy could be in turn "disciplining" the balance of payments. Throughout the history of the United States it is much less evident that financial officials have been aware of a discipline imposed by the balance of payments, which is attributed to the unimportance of balance-of-payments factors relative to total factors operating in the economy.