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A Theory of Balance-of-Payments Adjustment for the Hegemon

In: The Exhaustion of the Dollar

Author

Listed:
  • H. Peter Gray

    (Rutgers - the State University
    Rensselaer Polytechnic Institute)

Abstract

The absorption theory (Alexander, 1952) (Johnson, 1958) is the basic theoretical analysis of the elimination of a balance-of-payments deficit. However, this theory is not, in its original form, directly applicable to the subject matter of this book. In its original form, the theory applied to a world of ostensibly fixed rates of exchange in which, with the exception of the key-currency country, which had, at that time, a very large positive INW, international capital movements were both screened by the authorities in the exporting country and were small relative to the volume of current transactions. Second, the theory applied to a relatively small nation so that it is in need of a major restatement when it is to be applied to a large country (the key-currency nation).

Suggested Citation

  • H. Peter Gray, 2004. "A Theory of Balance-of-Payments Adjustment for the Hegemon," Palgrave Macmillan Books, in: The Exhaustion of the Dollar, chapter 3, pages 52-72, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50020-4_3
    DOI: 10.1057/9780230500204_3
    as

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