Cover -- Half Title -- Title Page -- Copyright Page -- Contents -- 1. BALANCE-OF-PAYMENTS CONCEPTS AND MEASUREMENT -- Balance-of-Payments Concepts -- Alternative Measurements of the U.S. Balance of Payments -- Conclusion -- Appendix -- 2. THE FOREIGN EXCHANGE MARKET -- Derivation of the Demand and S...

Ausführliche Beschreibung

Bibliographische Detailangaben

1. Verfasser:	Stern, Robert M. 1927- (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	London ; New York Routledge 2017
Ausgabe:	First issued in hardback
Schlagworte:	Zahlungsbilanztheorie
Zusammenfassung:	Cover -- Half Title -- Title Page -- Copyright Page -- Contents -- 1. BALANCE-OF-PAYMENTS CONCEPTS AND MEASUREMENT -- Balance-of-Payments Concepts -- Alternative Measurements of the U.S. Balance of Payments -- Conclusion -- Appendix -- 2. THE FOREIGN EXCHANGE MARKET -- Derivation of the Demand and Supply Schedules of Foreign Exchange -- The Spot Rate under Free Market Conditions -- The Spot Rate under the Gold Standard -- The Spot Rate under the Adjustable Peg -- The Spot and Forward Rates under Free Market Conditions -- The Spot and Forward Rates under the Gold Standard -- The Spot and Forward Rates under the Adjustable Peg -- Conclusion -- Appendix -- 3. BALANCE-OF-PAYMENTS ADJUSTMENT UNDER FREELY FLUCTUATING EXCHANGE RATES -- The Mechanism of Adjustment with Freely Fluctuating Exchange Rates -- Costs of International Transactions -- Stabilizing and Destabilizing Speculation -- Factor Mobility and Adjustment Costs -- Exchange-Rate Intervention -- Exchange Depreciation as a Cause of Inflation -- European Experiences with Freely Fluctuating Exchange Rates after World War I -- The Canadian Experience with Freely Fluctuating Exchange Rates, 1950-62 -- Conditions for an Effective System of Exchange-Rate Flexibility -- Conclusion -- 4. BALANCE-OF-PAYMENTS ADJUSTMENT UNDER THE GOLD STANDARD -- The Mechanism of Adjustment under the Gold Standard -- Historical Evaluation of the Gold Standard -- The Ill-Fated Restoration of the Gold Standard after World War I -- The Feasibility of the Pre-1914 Gold Standard Under Present-Day Conditions -- The Case for Fixed Exchange Rates -- Conclusion -- 5. BALANCE-OF-PAYMENTS ADJUSTMENT UNDER PEGGED EXCHANGE RATES -- The Mechanism of Adjustment under the Adjustable Peg -- Exchange-Rate Adjustment -- Norms for Exchange-Rate Adjustment -- An Evaluation of the Pegged Rate System -- Conclusion -- Appendix 6. THE INCOME APPROACH TO BALANCE-OF-PAYMENTS ADJUSTMENT -- National Income and Expenditure in Closed and Open Economies -- National Income Determination in an Open Economy -- The International Transmission of Fluctuations in Income -- Price Effects in Income Determination and Balance-of-Trade Adjustment -- The Role of Money in Income Determination and Balance-of-Trade Adjustment -- Conclusion -- Appendix -- 7. THE PRICE AND INCOME APPROACHES TO BALANCE-OF-PAYMENTS ADJUSTMENT -- The Effects of Devaluation upon National Income and the Balance of Trade -- The Income-Absorption and Elasticity Approaches to the Analysis of a Devaluation -- Policy Implications of the Income-Absorption Approach -- Conclusion -- Appendix -- 8. INTERNATIONAL LONG-TERM CAPITAL MOVEMENTS -- Portfolio Foreign Investment -- Direct Foreign Investment -- Foreign Economic Assistance -- The Theory of International Capital Transfer -- Efficiency and Welfare Implications of Long-Term Investment and Borrowing -- Conclusion -- Appendix -- 9. RESTRICTIONS ON TRADE AND PAYMENTS FOR BALANCE-OF-PAYMENTS ADJUSTMENT -- Types of Restrictions -- Import Restriction and Deflation as Instruments of Balance-of-Payments Policy -- Import Restriction and Devaluation as Instruments of Balance-of- Payments Policy -- The Control of International Capital Movements -- Discrimination as an Instrument of Balance-of-Payments Policy -- Conclusion -- Appendix -- 10. MONETARY AND FISCAL POLICIES FOR INTERNAL AND EXTERNAL BALANCE -- Conflicts Between Internal and External Balance -- Monetary and Fiscal Policies in an Open Economy -- Finance Versus Adjustment in the Balance of Payments -- Conclusion -- Appendix -- 11. ECONOMIC GROWTH AND THE BALANCE OF PAYMENTS -- A Simplified Harrod-Domar Model of Growth in an Open Economy -- A Simplified Neoclassical Growth Model with a Foreign Sector -- "Export-Led" Growth Money, Growth, and the Balance of Payments -- Policy Implications -- Conclusion -- 12. PROBLEMS OF THE INTERNATIONAL MONETARY SYSTEM -- The Adjustment Mechanism -- International Reserve Creation -- The Composition of International Reserves -- The Choices Before Us -- References -- Index
Beschreibung:	First published 1973 by Transaction Publishers
Beschreibung:	xv, 436 Seiten Diagramme
ISBN:	9781138519183 9780202308937