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.
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
"It brings together the major, and not insignificant contributions of a leading economist in the field of monetary economics." - International Affairs