Balance-of-payments theory and the United Kingdom experience

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Bibliographic Information

Balance-of-payments theory and the United Kingdom experience

A.P. Thirlwall and Heather D. Gibson

Macmillan, 1992

4th ed

  • : hard
  • : pbk

Available at  / 19 libraries

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Note

Previous ed.: 1986

Bibliography: p. 401-422

Includes index

Description and Table of Contents

Description

Contains a statement of balance-of-payments accounting, and a critical appraisal of balance-of-payments adjustment theory. The book also features chapters on the capital account of balance-of-payments and the theory of exchange rate determination in the United Kingdom.

Table of Contents

  • Part 1 Balance-of-payments accounting and the foreign-exchange market: concepts of the balance of payments
  • the accounting balance of payments
  • balance-of-payments equilibrium
  • more on the concept of equilibrium
  • the foreign-exchange market
  • the demand for dollars
  • the supply of dollars
  • capital movements and speculation
  • the forward rate of exchange
  • types of exchange-rate regime
  • fixed versus flexible exchange rates
  • exchange rate reform. Part 2 The capital account of the balance of payments: the components of the capital account
  • official reserves
  • special drawing rights
  • the balancing item
  • the capital account and the net external wealth of the UK. Part 3 Exchange rate determination: theories of exchange rate determination
  • purchasing power parity
  • current balance model
  • the importance of theories of expectations formation
  • the Mundell-Fleming model
  • exchange rate overshooting models
  • the portfolio model of exchange rate determination
  • speculatice bubble models of exchange rate determination
  • exchange rate determination - what have we learnt?
  • exchange rate systems and policies
  • fixed versus flexible exchange rates
  • types of exchange rate regime
  • controls on capital movements
  • exchange rate policy in the 1990s. Part 4 The balance of payments and the national economy: the integration of the balance of payments into the nationnal accounts
  • the conflict between balance-of-payments equilibrium and other objectives of economic policy
  • income equilibrium in an open economy and the foreign-trade mulitplier
  • the foreign-trade multiplier relating imports to expenditure
  • the 'new' foreign-trade multiplier with foreign repercussions
  • balance-of-payments adjustment
  • the classical price-specie flow mechanism
  • the elasticity approach
  • the absorption approach
  • the monetary approach. Part 5 The elasticity approach to the balance of payments: the Marshall-Lerner condition derived
  • devaluation and the response of firms
  • lags and the J-curve effect
  • devaluation and inflation
  • payments imbalance in the World economy
  • devaluation and the terms of trade
  • the difficulties of measuring price elasticities. Part 6 The absorption approach to the balance of payments: the direct effect of devaluation on income
  • the direct effect of devaluation on absorption
  • the interaction between changes in income and changes in absorption
  • strengths and dangers of the absorption approach
  • the monetary aspects of balance-of-payments deficits
  • domestic credit expansion. Part 7 The monetary approach to the balance of payments. Part 8 Simultaneous internal and external balance: internal and external balance under flexible exchange rates with no capital movements
  • internal and external balance under fixed exchange rate woth capital movementsl internal and external balance in an IS-LM curve framework
  • the use of monetary and fiscal policy under alternative exchange-rate regimes
  • the assignment of policies in the United Kingdom. (part contents).

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