Search

In assessing the consequences of the Nixon Shock, Garten rejects the argument that floating exchange rates were responsible for the great inflation that was unleashed in the US after the wage and price controls were lifted. On 15 August 1971, US President Richard Nixon announced that America would, with immediate effect, unilaterally close the "gold window" whereby the country sold gold to foreign governments and central banks for $35 an ounce. But America's growing current account deficit and rising inflation were steadily undermining confidence in the system and raising the prospect of an imminent run on gold. [Extracted from the article]

The article reviews the book "The Balance of Payments Adjustment Process in Developing Countries," by Sidney Dell and Roger Lawrence.

Reviews the book 'The Balance of Payments.' [ABSTRACT FROM AUTHOR]

The article reviews the book "The Responsiveness of Demand Policies to Balance of Payments: Postwar Patterns," by Michael Michaely.

The article reviews the book "Balance of Payments" by Jacques Rueff.

The article reviews the book "The Balance of Payments," by J.E. Meade.

The article reviews the book "Banks and the Balance of Payments: Private Lending in the International Adjustment Process," edited by Benjamin J. Cohen and Fabio Basagni.

The article reviews the book "The U.S. Balance of Payments and the Sinking Dollar," by Wilson E. Schmidt.

The volume represents a collection of papers and commentaries presented at a monetary conference held by the Graduate institute of International Studies, Fairleigh Dickinson University, at its Wroxton, U.K., campus, June 1973. The organizers of this conference managed to assemble a group of participants who ranged from U.S. congressmen, such as Representative Wright Patman (D-Texas), to respected academics from both the United States and the United Kingdom and assorted international bankers. The contributions clearly reflect this diversity, in terms of viewpoints as well as quality and depth. [ABSTRACT FROM AUTHOR]

Scitovsky tells us that the book began as an effort to unify "the many scattered theories and arguments that together add up to a theory of balance- of-payments adjustment." He soon found, however, that the several bits and pieces were themselves connected to monetary theories, and that these, too, needed to be unified. In the end, therefore, his book divided into two parts, "the first dealing with the theory of money, the second with balance-of-payments adjustment.". [ABSTRACT FROM AUTHOR]

The article reviews the book "Balance-of-Payments Adjustment Policies: Japan, Germany, and the Netherlands," by Michael Michaely.

This book is an expanded revision of Williamson's Ph.D. dissertation and will prove of particular interest to economic historians and those interested in the current U.S. balance of payments problem. For historians, the volume should redress the overemphasis on the purely domestic aspects of long swings in U.S. economic growth (Kuznets cycles) in the nineteenth century as opposed to the analysis of long swings in the balance of payments. International finance fanciers will be interested in the parallels drawn between nineteenth century balance of payments movements and those of the post-World War II period; parallels which almost succeed in placing the postwar swing from dollar scarcity to dollar surplus into a meaningful historical context. The study is "concerned with the historical interaction between trade and growth in the American nineteenth-century setting," and argues "that it is a long swing in the pace of real domestic development that is the major cause of fluctuations in both net capital flows and the trade balance." Four of the book's seven chapters are directed specifically at substantiating this thesis. Beyond this, Chapter VI examines the interaction of the long swings in the U.S. and U.K. balances of payments while Chapter Vii is devoted to the similarities and dissimilarities between the postwar swing from dollar scarcity to dollar surplus and the long swings in the last century. [ABSTRACT FROM AUTHOR]

The article reviews the book "Balance of Payments and Economic Growth," by J.M. Letiche.

Reviews the book "The Monetary Approach to the Balance of Payments."

Reviews the book "The Monetary Approach to the Balance of Payments," edited by J. A. Frenkel and H. G. Johnson.

Reviews the book "Report."

Reviews the book "The Monetary Approach to the Balance of Payments," edited by Jacob A. Frenkel and Harry G. Johnson.

Reviews the book "The Monetary Approach to the Balance of Payments," edited by J. A. Frenkel and H. G. Johnson.

Reviews the book 'Money and the Balance of Payments,' by T. Scitovsky.

Reviews the book "Maintaining and Restoring Balance in International Payments," by W. Fellner, F. Machlup and R. Triffin.

Reviews the book "Overseas Manufacturing Investment and the Balance of Payments," by G.C. Hufbauer and F.M. Adler.

Reviews the book "Trade, Growth, and the Balance of Payments: Essays in Honour of Gottfried Haberler," edited by R.E. Baldwin and others.

Reviews the book "The Balance of Payments Statistics of the United States--A Review and Appraisal."

Reviews the book "Balance of Payments Equilibrium: A Theoretical and Empirical Study," by Hourmouzis G. Georgiadis.

Reviews the book "The United States Balance of Payments in 1968," by Walter S. Salant.

Reviews the book "The Balance of Payments," by J.E. Meade.

Reviews the book "The Dollar in Crisis," edited by Seymour E. Harris.

The article reviews two books. "The Economics of International Adjustment," edited by Randall Hinshaw, and "The Responsiveness of Demand Policies to Balance of Payments: Postwar Patterns," by Michael Michaely.

The book has three basic chapters, "The Theoretical Framework of the Model," "Empirical Estimates of the Model," and "United States Balance-of-Payments Policies." There are also five short appendices. Two of these, one giving the data sources and a complete listing of the data, the other consisting of twenty-seven diagrams of the actual and predicted values of the model's endogenous variables, show the care that went into the estimation and into the presentation of the results. More writers should follow Prachowny's example in this regard. The other three appendices consist of a restatement of Mundell's argument on monetary-fiscal policy mixes, a table presenting changes in the model's endogenous variables under the monetary-fiscal policy mix examined in the chapter on balance-of-payments policies, and a simple portfolio model in which equilibrium is defined in terms of stocks rather than flows. The inclusion of this last appendix is somewhat strange since all of the book's empirical work on capital flows is based on a flow model rather than a stock model. [ABSTRACT FROM AUTHOR]

The article reviews the book "Problems of the United States As World Trader and Banker," by Hal B. Lary.

The article reviews the book "Balance of Payments Issues in Central and Eastern European Countries Run-Up to Euro Area Accession," by Funke Katja.

This article reviews the book "India's Balance of Payments Problem: A Monetary Solution," by Rakesh Raman.

Reviews the book "Trade, the Balance of Payments and Exchange Rate Policy in Developing Countries," by A.P. Thirwall.

Reviews the book 'An Aggregate Theory of International Payments Adjustment,' by Peter H. Gray.

As the international aspects of macroeconomics became interesting to economists a distinct body of balance of payments theory (and theory of policy) grew and ramified. Successively we have seen the balance of payments as price-determined, income-determined and money-quantity determined. Each stage of analytical development has bred its controversies, contributed its insights and misconceptions. The monetary approach to the balance of payments, believing that the balance "is essentially a monetary phenomenon" is of recent vintage although its derivation may, with hindsight, be traced far back in economic theorizing. Within the theory of international payments, defined and revitalized by James Meade in the fifties, the absorption approach of Sydney Alexander and the payments approach of Harry Johnson were fused to produce a picture of external balance adjustment in terms of money flows. This, in turn, linked balance of payments policy to the large literature already available on domestic monetary and fiscal policy. All this was simultaneous (in the sixties) with the work being done at the University of Chicago and elsewhere on what has now been summarized as "monetarism." Not surprisingly the monetary approach to the balance of payments was integrated into the wider subject matter as monetarists extended their focus to include the open economy and seek policy solutions to problems such as world fluctuations of prices and income. [ABSTRACT FROM AUTHOR]

Reviews the book "Narrowing the U.S. Current Account Deficit: A Second Assessment," by Allen J. Lenz.

Reviews the book 'Banks and the Balance of Payments: Private Lending in the International Adjustment Process,' by Benjamin J. Cohen and Fabio Basagni.

Reviews the book "The Balance of Payments in a Monetary Economy," by John F. Kyle.

Reviews the book "An Aggregate Theory of International Payments Adjustment," by H. Peter Gray.

Reviews the book "Economic Growth and the Balance-of-Payments Constraint," by J. S. L. McCombie and A. P. Thirlwall.

Reviews the book "The Consistency of British Balance of Payments Policies," by D. K. Fausten.

Reviews the book 'Balance of Payments Adjustment, 1945 to 1986, The IMF Experience,' by M.G. de Vries.

Reviews the book "Money and the Balance of Payments," by Tibor Scitovsky.

Reviews the book "International Transactions of the United States: An Audit and Interpretation of Balance-of-Payments Estimates," by Ray Ovid Hall.