The balance of payments: Theory and economic policy
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New Brunswick, NJ [u.a.]
Aldine Transaction Publ.
2007
|
| Edition: | 1. paperback printing |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XV, 436 S. graph. Darst. |
| ISBN: | 9780202308937 |
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MARC
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| 245 | 1 | 0 | |a The balance of payments |b Theory and economic policy |c Robert M. Stern |
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| adam_text | Contents
1. Balance-of-Payments
Concepts and Measurement
1
Balance-of-Payments Concepts
1
Alternative Measurements of the U.S. Balance of Payments
6
Conclusion
14
Appendix
14
2.
The Foreign Exchange Market
18
Derivation of the Demand and Supply Schedules of Foreign Exchange
19
The Spot Rate under Free Market Conditions
26
The Spot Rate under the Gold Standard
31
The Spot Rate under the Adjustable Peg
37
The Spot and Forward Rates under Free Market Conditions
41
The Spot and Forward Rates under the Gold Standard
54
The Spot and Forward Rates under the Adjustable Peg
56
Conclusion
61
Appendix
62
3.
Balance-of-Payments Adjustment Under Freely Fluctuating
Exchange Rates
70
The Mechanism of Adjustment with Freely Fluctuating Exchange Rates
70
Costs of International Transactions
74
Stabilizing and Destabilizing Speculation
77
Factor Mobility and Adjustment Costs
89
Exchange-Rate Intervention
93
Exchange Depreciation as a Cause of Inflation
94
European Experiences with Freely Fluctuating Exchange Rates after
World War I
95
xiii
xjv Contents
The Canadian Experience with Freely Fluctuating Exchange Rates,
1950-62
1Ш
Conditions for an Effective System of Exchange-Rate Flexibility
107
Conclusion
109
4.
Balance-of-Payments Adjustment Under the Gold Standard 111
The Mechanism of Adjustment under the Gold Standard
111
Historical Evaluation of the Gold Standard
112
The Ill-Fated Restoration of the Gold Standard after World War I
119
The Feasibility of the Pre-1914 Gold Standard Under Present-Day
Conditions
121
The Case for Fixed Exchange Rates
122
Conclusion
123
5.
Balance-of-Payments Adjustment Under Pegged Exchange Rates
125
The Mechanism of Adjustment under the Adjustable Peg
126
Exchange-Rate Adjustment
128
Norms for Exchange-Rate Adjustment
139
An Evaluation of the Pegged Rate System I49
Conclusion I56
Appendix
156
6.
The Income Approach to Balance-of-Payments Adjustment
162
National Income and Expenditure in Closed and Open Economies
162
National Income Determination in an Open Economy
166
The International Transmission of Fluctuations in Income
190
Price Effects in Income Determination and Balance-of-Trade Adjustment
192
The Role of Money in Income Determination and Balance-of-Trade
Adjustment
195
Conclusion
196
Appendix
197
7.
The Price and Income Approaches to Balance-of-Payments
Adjustment
204
The Effects of Devaluation upon National Income and the Balance of
Trade
204
The Income-Absorption and Elasticity Approaches to the Analysis of a
Devaluation
212
Policy Implications of the Income-Absorption Approach
215
Conclusion
219
Appendix
220
8.
International
Long-Term
Capital Movements
225
Portfolio Foreign Investment
225
Direct Foreign Investment
233
Foreign Economic Assistance
238
The Theory of International Capital Transfer
242
Efficiency and Welfare Implications of Long-Term Investment and
Borrowing
269
Conclusion
277
Appendix
279
Contents xv
9.
Restrictions on Trade and Payments for Balance-of-Payments
Adjustment
281
Types of Restrictions
282
Import Restriction and Deflation as Instruments of Balance-of-Payments
Policy
287
Import Restriction and Devaluation as Instruments of Balance-of-
Payments Policy
291
The Control of International Capital Movements
294
Discrimination as an Instrument of Balance-of-Payments Policy
298
Conclusion
300
Appendix
300
10.
Monetary and Fiscal Policies for Internal and External Balance
305
Conflicts Between Internal and External Balance
306
Monetary and Fiscal Policies in an Open Economy
312
Finance Versus Adjustment in the Balance of Payments
336
Conclusion
337
Appendix
338
11.
Economic Growth and the Balance of Payments
363
A Simplified Harrod-Domar Model of Growth in an Open Economy
364
A Simplified Neoclassical Growth Model with a Foreign Sector
370
Export-Led Growth
376
Money, Growth, and the Balance of Payments
381
Policy implications
384
Conclusion
386
12.
Problems of the International Monetary System
387
The Adjustment Mechanism
388
International Reserve Creation
390
The Composition of International Reserves
398
The Choices Before Us
406
References
409
Index
425
|
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| indexdate | 2024-07-09T21:39:55Z |
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| isbn | 9780202308937 |
| language | English |
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| physical | XV, 436 S. graph. Darst. |
| publishDate | 2007 |
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| spelling | Stern, Robert Mitchell 1927-2015 Verfasser (DE-588)120322013 aut The balance of payments Theory and economic policy Robert M. Stern 1. paperback printing New Brunswick, NJ [u.a.] Aldine Transaction Publ. 2007 XV, 436 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Zahlungsbilanztheorie (DE-588)4124487-4 gnd rswk-swf Zahlungsbilanztheorie (DE-588)4124487-4 s DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017594049&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Stern, Robert Mitchell 1927-2015 The balance of payments Theory and economic policy Zahlungsbilanztheorie (DE-588)4124487-4 gnd |
| subject_GND | (DE-588)4124487-4 |
| title | The balance of payments Theory and economic policy |
| title_auth | The balance of payments Theory and economic policy |
| title_exact_search | The balance of payments Theory and economic policy |
| title_full | The balance of payments Theory and economic policy Robert M. Stern |
| title_fullStr | The balance of payments Theory and economic policy Robert M. Stern |
| title_full_unstemmed | The balance of payments Theory and economic policy Robert M. Stern |
| title_short | The balance of payments |
| title_sort | the balance of payments theory and economic policy |
| title_sub | Theory and economic policy |
| topic | Zahlungsbilanztheorie (DE-588)4124487-4 gnd |
| topic_facet | Zahlungsbilanztheorie |
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