Balance of Payments: Theory and Economic Policy

An original and systematic synthesis of the major postwar developments in theory and policy of balance-of-payments adjustment, this book focuses on the present-day system of pegged-but-adjustable exchange rates and the problems that policy authorities must face if they are to attain full employment, price stability, balance-of-payments equilibrium, and a satisfactory rate of economic growth. The dominate theme of this book is that any system of exchange rates carries with it assumptions abo...