Trade, the Balance of Payments and Exchange Rate Policy in Developing Countries

This book is a synthesis of the author's ideas and research concerning the monetary consequences of trade flows, and the relevance of conventional balance of payments adjustment theory. These ideas are considered mainly in the context of developing countries, many of which suffer from deep structural difficulties and severe foreign exchange shortages.

Mainstream economic theory regards the balance of payments to be self-adjusting, meaning that the impact of the balance of payments on the gro...