Balance-of-Payments Theory and the United Kingdom Experience

The fourth edition of this standard text contains a statement of balance-of-payments accounting and adjustment theory with new chapters on the capital account of the balance-of-payments and the theory of exchange rate determination including discussion of the EMS. Front Matter....Pages i-xv Balance-of-Payments Accounting and the Foreign-Exchange Market....Pages 1-47 The Balance of Payments and the National Economy....Pages 48-71 The Elasticity Approach to the Balance of Payments....Pages 72-97 The Absorption Approach to the Balance of Payments....Pages 98-109 The Monetary Approach to the Balance of Payments....Pages 110-117 Simultaneous Internal and External Balance....Pages 118-133 A History of the U.K. Balance of Payments....Pages 134-193 Import Functions....Pages 194-220 Export Functions....Pages 221-249 The Balance-of-Payments Equilibrium Growth Rate....Pages 250-258 Export-led Growth....Pages 259-272 The Balance of Payments as a Structural Problem....Pages 273-287 Back Matter....Pages 288-321