Economic Theory

Balance of Payments Adjustment: Macro Facets of by Augustine C. Arize, Theologos H. Bonitsis, Ioannis

By Augustine C. Arize, Theologos H. Bonitsis, Ioannis Kallianiotis, Krishna Kasibhatla, John Malindretos

A close research of the 2 ways, financial and conventional Keynesian, to overseas adjustment and stability of funds.

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Fritz Machlup et al. : Princeton University Press, 1966a, pp. 1–198. Johnson, Harry G. ’’ In Essays in Honour of Marco Fanno, ed. T. Bagiotti. Padua, Italy: Cadam, 1966b, pp. 228–245. Jones, Ronald W. ’’ Journal of Political Economy, 76, no. 4 (July–August 1968): 921–943. Keynes, J. M. The General Theory of Employment, Interest, and Money. London: Macmillan, 1936. McKinnon, R. I. Money in International Exchange. New York: Oxford University Press, 1979. Meade, J. E. The Balance of Payments. Vol.

Consider a devaluation. Under the Traditional approach, the trade balance will improve every year in the future due to the increased competitiveness of the domestic producers, with the exception of an adjustment path described by the ‘‘J’’ curve. The Monetary approach rejects this scenario and argues, instead, that the effect of the devaluation will be temporary. The higher import prices increase the price level in the devaluing country and create an excess demand for money to restore real balances.

Sweeney. Proceedings of a conference sponsored by OASIA Research, Department of the Treasury, 1974. : Department of the Treasury, 1977. Laffer, Arthur B. ’’ In The Phenomenon of Worldwide Inflation, ed. David I. Meiselman and Arthur B. Laffer. : American Enterprise Institute for Public Policy Research, 1975, pp. 27–52. , and Marc A. Miles. International Economics in an Integrated World. : Scott, Foresman, 1982. Malindretos, John. ’’ In Advances in Quantitative Analysis of Finance and Accounting, vol.

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