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The Monetary Approach to the Balance of Payments

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Management number 201823406 Release Date 2025/10/08 List Price $18.71 Model Number 201823406
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This book collects the fundamental documents of a 1970s approach to the balance of payments theory and policy, returning to historical monetary theory traditions after the 1930s collapse, Keynesian Revolution, and war.

Format: Paperback / softback
Length: 384 pages
Publication date: 30 September 2021
Publisher: Taylor & Francis Ltd


This comprehensive book brings together the essential documents that form the foundation of a groundbreaking approach to the theory and policy of the balance of payments, which emerged in the 1970s. After a hiatus of approximately thirty years from the historical roots of international monetary theory, this approach marked a significant return to those traditions. This shift was prompted by the profound consequences of the international collapse of the 1930s, the Keynesian Revolution, and a prolonged era of war and post-war reconstruction that fragmented the international monetary system. Exchange controls, currency inconvertibility, and restrictions on international trade and capital movements further complicated the already complex landscape.

During this period, the global economy faced numerous challenges, including widespread unemployment, economic instability, and the need for international cooperation to address these issues. The approach developed in the 1970s sought to address these challenges by reexamining the role of the international monetary system in promoting economic growth and stability. It emphasized the importance of open markets, free trade, and flexible exchange rates as key drivers of economic development.

The book also delves into the various theories and models that underpin the balance of payments approach. It explores the concepts of international trade, foreign exchange markets, and the role of monetary policy in regulating the flow of capital across borders. It also examines the impact of global economic institutions, such as the International Monetary Fund (IMF) and the World Bank, on the development of international monetary policy.

One of the key contributions of the balance of payments approach is its emphasis on the interconnectedness of the global economy. It recognizes that countries are interdependent, and any imbalances in the balance of payments can have far-reaching consequences for other countries. The approach seeks to promote stability and growth by managing the flow of capital and ensuring that countries have the necessary resources to invest in their economies.

Another important aspect of the balance of payments approach is its focus on policy coordination and cooperation among countries. It recognizes that international monetary policy is not a standalone issue but requires collaboration and coordination among nations to achieve its goals. The book highlights the importance of international institutions, such as the IMF and the World Bank, in promoting policy coordination and cooperation among countries.

In conclusion, this book provides a comprehensive and insightful exploration of the theory and policy of the balance of payments. It offers a valuable perspective on the historical roots of international monetary theory, the challenges faced by the global economy in the 1970s, and the innovative approach developed to address those challenges. The balance of payments approach emphasizes the importance of open markets, free trade, and flexible exchange rates as key drivers of economic development, while also recognizing the interconnectedness of the global economy and the need for policy coordination and cooperation among countries. This approach has had a significant impact on international monetary policy and continues to shape the global economic landscape today.


Dimension: 234 x 156 (mm)
ISBN-13: 9781032029597


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