Balance-of-payments theory and the United Kingdom experience

By:

Thirlwall A P

Contributor(s):

Gibson Heather D

Publication details: London Macmillan Publishing Co. 1992Edition: 4thDescription: 437p xiiiISBN:

9780333566480

Subject(s):

1. Balance Of Payments - U K

DDC classification:

382.170941 THI

Contents:

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; speculative 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 multiplier; 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 elasticity’s. 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 worth capital movements 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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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; speculative 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 multiplier;
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 elasticity’s.
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 worth capital movements 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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