Balance-of-payments theory and the United Kingdom experience:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London u.a.
Macmillan
1986
|
| Ausgabe: | 3. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIV, 323 S. graph. Darst. |
| ISBN: | 0333421086 0333421094 |
Internformat
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Datensatz im Suchindex
| _version_ | 1804117855057215488 |
|---|---|
| adam_text | Balance-of-Payments
Theory and the
United Kingdom
Experience
THIRD EDITION
A P Thirlwall
Professor of Applied Economics
University of Kent at Canterbury
M
MACM1LLAN
PRESS
Contents
Preface to the Third Edition xi
Acknowledgements xv
1 Balance-of-Payments Accounting and the Foreign-
Exchange Market 1
Concepts of the balance of payments 1
The accounting balance of payments 2
Balance-of-payments equilibrium 5
More on the concept of equilibrium 19
The foreign-exchange market 22
The demand for dollars 23
The supply of dollars 26
Capital movements and speculation 31
The forward rate of exchange 33
Types of exchange-rate regime 37
Fixed versus flexible exchange rates 46
Exchange rate reform 50
2 The Balance of Payments and the National Economy 53
The integration of the balance of payments into the
national accounts 53
The conflict between balance-of-payments equilibrium
and other objectives of economic policy 55
Income equilibrium in an open economy and the
foreign-trade multiplier 59
The foreign-trade multiplier relating imports to
expenditure 62
The new* foreign-trade multiplier with foreign
repercussions 66
vii
Contents
Balance-of-payments adjustment 70
The classical price-specie flow mechanism 71
The elasticity approach 72
The absorption approach 74
The monetary approach 74
3 The Elasticity Approach to the Balance of Payments 77
The Marshall-Lerner condition derived 77
Devaluation and the response of-firms 83
Lags and the /-curve effect 88
Devaluation and inflation 90
Devaluation and the terms of trade 97
The difficulties of measuring price elasticities 98
4 The Absorption Approach to the Balance of
Payments 103
The direct effect of devaluation on income 105
The direct effect of devaluation on absorption 106
The interaction between changes in income and
changes in absorption 108
Strengths and dangers of the absorption approach 110
The monetary aspects of balance-of-payments deficits 112
Domestic credit expansion 113
5 The Monetary Approach to the Balance of
Paymnnts 115
6 Simultaneous Internal and External Balance 123
Internal and external balance under flexible exchange
rates with no capital movements 125
Internal and external balance under fixed exchange
rates with capital movements 129
Contents ix
Internal and external balance in an IS-LM curve
framework 134
The use of monetary and fiscal policy under alternative
exchange-rate regimes 136
The assignment of policies in the United Kingdom 137
7 A History of the U K Balance of Payments 139
1854 to 1939 139
1940 to 1950 145
1951 to 1959 148
1960 to 1969 151
Devaluation, 1967 160
1970 to 1979 163
Since 1980 171
Appendix 7 1: an economic analysis of the United
Kingdom s payments difficulties in the 1960s - the
prelude to devaluation, 1967 175
Appendix 7 2: a polemic on floating the pound, 1972 189
8 Import Functions 203
The determinants of imports 203
Imports and capacity 205
Imports and labour-market bottlenecks 209
Imports and income (estimates of income elasticities) 211
Imports and relative prices (estimates of price elasticities) 214
Import penetration 217
9 Export Functions 221
The determinants of exports 221
Exports and capacity 222
Exports and world income (estimates of income
elasticities) 229
Exports and relative prices (estimates of price elasticities) 230
Export performance in manufacturing 238
The United Kingdom s declining share of world exports 241
Appendix: commodity and geographic composition of U K
exports and imports 246
X
Contents
The Balance-of-Payments Equilibrium Growth Rate 251
The determination of the balance-of-payments equilibrium
growth rate ^52
A fundamental law of growth
The model with capital flows 260
11 Export-led Growth 261
The importance of export-led growth 261
Models of export-led growth 265
An export-led growth model with a balance-of-payments
constraint 271
12 The Balance of Payments as a Structural Problem 275
Non-price factors determining exports and imports 278
North Sea oil and the balance of payments 282
The balance of payments and deindustrialisation 285
A trade strategy for the United Kingdom 289
Notes
References
Index
|
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| indexdate | 2024-07-09T16:01:02Z |
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| isbn | 0333421086 0333421094 |
| language | English |
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| spelling | Thirlwall, Anthony P. 1941-2023 Verfasser (DE-588)124109934 aut Balance-of-payments theory and the United Kingdom experience A. P. Thirlwall 3. ed. London u.a. Macmillan 1986 XIV, 323 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Geschichte gnd rswk-swf Geschichte (DE-588)4020517-4 gnd rswk-swf Zahlungsbilanz (DE-588)4067281-5 gnd rswk-swf Zahlungsbilanztheorie (DE-588)4124487-4 gnd rswk-swf Theorie (DE-588)4059787-8 gnd rswk-swf Großbritannien (DE-588)4022153-2 gnd rswk-swf Großbritannien (DE-588)4022153-2 g Zahlungsbilanz (DE-588)4067281-5 s Geschichte (DE-588)4020517-4 s DE-604 Zahlungsbilanztheorie (DE-588)4124487-4 s Geschichte z 1\p DE-604 Theorie (DE-588)4059787-8 s 2\p DE-604 HEBIS Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002225159&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Thirlwall, Anthony P. 1941-2023 Balance-of-payments theory and the United Kingdom experience Geschichte (DE-588)4020517-4 gnd Zahlungsbilanz (DE-588)4067281-5 gnd Zahlungsbilanztheorie (DE-588)4124487-4 gnd Theorie (DE-588)4059787-8 gnd |
| subject_GND | (DE-588)4020517-4 (DE-588)4067281-5 (DE-588)4124487-4 (DE-588)4059787-8 (DE-588)4022153-2 |
| title | Balance-of-payments theory and the United Kingdom experience |
| title_auth | Balance-of-payments theory and the United Kingdom experience |
| title_exact_search | Balance-of-payments theory and the United Kingdom experience |
| title_full | Balance-of-payments theory and the United Kingdom experience A. P. Thirlwall |
| title_fullStr | Balance-of-payments theory and the United Kingdom experience A. P. Thirlwall |
| title_full_unstemmed | Balance-of-payments theory and the United Kingdom experience A. P. Thirlwall |
| title_short | Balance-of-payments theory and the United Kingdom experience |
| title_sort | balance of payments theory and the united kingdom experience |
| topic | Geschichte (DE-588)4020517-4 gnd Zahlungsbilanz (DE-588)4067281-5 gnd Zahlungsbilanztheorie (DE-588)4124487-4 gnd Theorie (DE-588)4059787-8 gnd |
| topic_facet | Geschichte Zahlungsbilanz Zahlungsbilanztheorie Theorie Großbritannien |
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