A Further Look at P.L. 480 and the Balance of Payments

Jimmye S. Hillman and Murray R. Benedict

American Journal of Agricultural Economics, 1966, vol. 48, issue 3_Part_I, 728-737

Abstract: The present methods of balance-of-payments accounting which show that P.L. 480 shipments have no effect on U.S. balance of payments are misleading. The P.L. 480 program may have important side effects on U.S. and competitor-country sales and hence have an indirect influence on balance of payments. The adverse effects of U.S. aid programs on the U.S. balance of payments can be overemphasized because a substantial part of that aid is tied to purchasing in the United States. The present U.S. balance-of-payments account also reveals little about the effects of P.L. 480 exports on national income. The experience with the Marshall Plan should be reviewed to gain insights leading to possible improvements in P.L. 480.

Date: 1966
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