Investment Grants and Balance of Payments Tests^∗

^∗ I am indebted to Professor Michael Bromwich and to two of my former colleagues in the Government Economic Service, Mr. Nicholas Owen and Mr. Michael Mann, for their very helpful comments, and I am grateful to the Department of Industry for permission to publish the paper. The views expressed and the conclusions drawn are, however, entirely my own, as is the responsibility for any remaining errors and omissions.

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^∗ I am indebted to Professor Michael Bromwich and to two of my former colleagues in the Government Economic Service, Mr. Nicholas Owen and Mr. Michael Mann, for their very helpful comments, and I am grateful to the Department of Industry for permission to publish the paper. The views expressed and the conclusions drawn are, however, entirely my own, as is the responsibility for any remaining errors and omissions.

Notes

^∗ I am indebted to Professor Michael Bromwich and to two of my former colleagues in the Government Economic Service, Mr. Nicholas Owen and Mr. Michael Mann, for their very helpful comments, and I am grateful to the Department of Industry for permission to publish the paper. The views expressed and the conclusions drawn are, however, entirely my own, as is the responsibility for any remaining errors and omissions.