*** This morning I have not endeavored to discuss the effects of capital gains, other than peripherally, on investment in plant and equipment, home improvement, tax revenues, and government surpluses, and their obvious significance in tracking international economic flows. Clearly, these also are relevant to any evaluation of macroeconomic events and warrant further study. *** In closing, accounting systems are not ends in themselves.
Doubtless, there is much to be learned from the recent experience in Asia that can be applied to better the workings of the international financial system and its support of international trade that has done so much to enhance living standards worldwide.