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The International Monetary System and the Theory of Monetary Systems
Pascal Salin
The international monetary system, and the disparate systems that make it up, are complex and there are many fallacies surrounding the ways in which they work. This book provides a clear and rigorous understanding of these systems and their possible consequences.
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Chapter 15: The monetary approach to the balance of payments (under fixed exchange rates)
Pascal Salin
Extract
The Keynesian approach to the balance of payments and the monetary approach to the balance of payments provide very different statements about the determination of the structure of the balance of payments. The monetary approach – initiated by Robert Mundell – is perfectly coherent with the well-established elements of monetary theory. As such, it has to be considered as the theory which allows understanding of the determination of the balance of payments (and, more generally, the determination of prices, monetary flows, and so on).You are not authenticated to view the full text of this chapter or article.
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