This book collects together the basic documents of an approach to the theory and policy of the balance of payments developed in the 1970s. The approach marked a return to the historical traditions of international monetary theory after some thirty years of departure from them – a departure occasioned by the international collapse of the 1930s, the Keynesian Revolution and a long period of war and post-war reconstruction in which the international monetary system was fragmented by exchange controls, currency inconvertibility and controls over international trade and capital movements.
"It brings together the major, and not insignificant contributions of a leading economist in the field of monetary economics." - International Affairs
Preface List of Contributors Part 1: Theoretical 1. The Monetary Approach to the Balance of Payments: Essential Concepts and Historical Origins Jacob A. Frenkel and Harry G. Johnson 2. Towards a General Theory of the Balance of Payments Harry G Johnson 3. Barter Theory and the Monetary Mechanism of Adjustment Robert A. Mundell 4. The International Distribution of Money in a Growing World Economy Robert A. Mundell 5. A Dynamic Analysis of the Balance of Payments in a Model of Accumulation Jacob A.Frenkel 6. The Monetary Approach to Balance of Payments Theory Harry G. Johnson 7. Devaluation, Money, and Non-Traded Goods Rudiger Dornbusch 8. Tariffs and the Balance of Payments: A Monetary Approach Michael Mussa 9. Money and Wealth in an Open Economy Income-Expenditure Model Carlos A. Rodgriguez 10. Monetary Under Fixed Exchange Rates: Effectiveness, the Speed of Adjustment, and Proper Use Alexander K Swoboda 1.The Monetary Theory of Balance of Payments Policies Harry G. Johnson Part 2: Empirical 12. Monetary Equilibrium and International Reserve Flows in Australia J Richard Zecher 13. Aspects of the Monetary Approach to Balance of Payments Theory: An Empirical Study of Sweden A Hans Genberg 14. International Reserve Flows and Money Market Equilibrium: The Japanese Case Donna L Bean 15. The Balance of Payments as a Monetary Phenomenon: Empirical Evidence, Spain 1955-71 Manuel Guitian 16. How the Gold Standard Worked, 1880-1913 Donald N.McCloskey and J.Richard Zecher. Index