Balance of Payments Theory and Economic Policy
Auteur : Stern Robert
An original and systematic synthesis of the major postwar developments in theory and policy of balance-of-payments adjustment, this book focuses on the present-day system of pegged-but-adjustable exchange rates and the problems that policy authorities must face if they are to attain full employment, price stability, balance-of-payments equilibrium, and a satisfactory rate of economic growth. The dominate theme of this book is that any system of exchange rates carries with it assumptions about the way it works and how effective the automatic and policy-motivated forces operate to bring about equilibrium in a country's balance of payments. By analyzing balance-of-payments adjustment and policies under alternative exchange-rate systems, and with different assumptions concerning the level of employment and prices, it is possible to embrace a wide variety of contemporary and historical circumstances experienced by individual countries and the world as a whole. In this way the author assesses the economic consequences of the different exchange-rate systems and of the policies that countries may follow to attain their national objectives. In particular it appears to Professor Stern that the international monetary turmoil of the past ten years can be traced to the exchange-rate inflexibilities of the adjustable-peg system and to the creation of excessive reserves under the dollar standard. He demonstrates that the international monetary system must be redesigned to permit greater exchange-rate inflexibility and control over the creation of new international reserve assets.
Date de parution : 01-2007
15.2x22.9 cm
Date de parution : 09-2017
15.2x22.9 cm
Disponible chez l'éditeur (délai d'approvisionnement : 14 jours).
Prix indicatif 160,25 €
Ajouter au panierThèmes de Balance of Payments :
Mots-clés :
Foreign Repercussion; exchange; Marginal Propensities; rate; Pegged Rate System; marshall; Export Supply Schedule; lerner; Short Term Capital Movements; condition; Exchange Rate; short; Marshall Lerner Condition; term; Long Term International Capital Movements; capital; Gold Export Point; movements; Pegged Exchange Rates; trade; Vice Versa; Fixed Exchange Rates; West Germany; Foreign Exchange Market; Excess Demand; Maintain Exchange Rate Stability; Official Reserve Transactions; Trade Balance; Lm Curve; Net Liquidity Balance; Internal External Balance; Forward Rate; Foreign Trade Multiplier; Forward Pounds; Reserve Creation