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Interest Rate Policy and External Balance

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  • Thomas D. Willett
  • Francesco Forte

Abstract

Introduction, 242. — I. The pure stock adjustment model, 244. — II. The effects of portfolio growth, 246. — III. An empirical application: U.S. short term capital movements, 249. — IV. Interest costs, 252. — V. The interrelationships between interest rates, portfolio size, and capital and interest flows, 257. — VI. Summary and conclusions, 259.

Suggested Citation

  • Thomas D. Willett & Francesco Forte, 1969. "Interest Rate Policy and External Balance," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 83(2), pages 242-262.
    • Handle: RePEc:oup:qjecon:v:83:y:1969:i:2:p:242-262.
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    File URL: http://hdl.handle.net/10.2307/1883082
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    Citations

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    Cited by:

    1. Obstfeld, Maurice, 1980. "Imperfect asset substitutability and monetary policy under fixed exchange rates," Journal of International Economics, Elsevier, vol. 10(2), pages 177-200, May.
    2. Pontines, Victor & Siregar, Reza Y., 2014. "How should we bank with foreigners? An empirical assessment of lending behavior of international banks to six East Asian economies," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 552-568.
    3. William Marois & Dominique Lacoue-Labarthe, 1979. "La théorie financière des mouvements internationaux de capitaux à court terme," Revue Économique, Programme National Persée, vol. 30(4), pages 612-649.
    4. Silvia Fedeli, 2022. "Francesco Forte: an economist across boundaries," Public Choice, Springer, vol. 190(3), pages 273-280, March.
    5. Kang‐Soek Lee & Richard A. Werner, 2023. "Are lower interest rates really associated with higher growth? New empirical evidence on the interest rate thesis from 19 countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 28(4), pages 3960-3975, October.
    6. Benjamin Carton, 2011. "The Impossible Trinity Revised: An Application to China," Working Papers 2011-27, CEPII research center.
    7. Norman C. Miller & Marina v. N. Whitman, 1972. "The Outflow of Short-term Funds from the United States: Adjustments of Stocks and Flows," NBER Chapters, in: International Mobility and Movement of Capital, pages 253-286, National Bureau of Economic Research, Inc.
    8. Sung Y. Kwack, 1974. "Simulations with a model of the U.S. balance of payments: the impact of the Smithsonian exchange rate agreement," International Finance Discussion Papers 48, Board of Governors of the Federal Reserve System (U.S.).
    9. Edward Tower, 1972. "The Short‐Run Effects of Monetary and Fiscal Policy under Fixed and Flexible Exchange Rates," The Economic Record, The Economic Society of Australia, vol. 48(3), pages 411-423, September.
    10. Daniel Antier, 1973. "Mouvements internationaux de capitaux à court terme," Économie et Prévision, Programme National Persée, vol. 12(1), pages 25-55.

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