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The IMF has always promoted the theories of external adjustment. These theories were inspired by the work of J.Polak who first came up with the Monetary Approach to the Balance of Payments in 1957. In this approach, the balance of payments imbalances are related to excess: the model allows calculating a compatible amount of credit with a fixed target of external reserves. It is based on two assumptions: the constant money demand related to the income and the exogenous nature of the money supply resulting to an autonomous decision of the monetary authorities which fixes the internal component of currency level. An external imbalance is therefore only the symptom of a deeper evil, of monetary origin. In this paper, the Polak model will be applied on the variables of the Moroccan economy and study the results generated from the adjustment through the monetary balance of payments approach on its deficit

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  • Mariam Elhaddadi
  • Mohamed Karim

Abstract

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Suggested Citation

  • Mariam Elhaddadi & Mohamed Karim, 2017. "The IMF has always promoted the theories of external adjustment. These theories were inspired by the work of J.Polak who first came up with the Monetary Approach to the Balance of Payments in 1957. In," Applied Economics and Finance, Redfame publishing, vol. 4(5), pages 94-100, September.
    • Handle: RePEc:rfa:aefjnl:v:4:y:2017:i:5:p:94-100
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    Keywords

    balance of payments; deficit; export;
    All these keywords.

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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