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The Balance of Payments Problem

In: Essays in Economic Policy and Economic Growth

Author

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  • I. G. Patel

    (London School of Economics and Political Science)

Abstract

When speaking of correcting an adverse trend in balance of payments, it is natural to focus on policies relating to exports, imports, invisibles and foreign aid and credits. While specific action on all these fronts is no doubt necessary, perhaps the first point to drive home at this juncture is to emphasise that our paramount need today is that of improving the performance of the economy as a whole by streamlining the entire range of our economic policies and procedures. While it is not true to say that if we take care of our balance of payments we take care of the economy, it is certainly right to assert that if we take care of the economy, the balance of payments will take care of itself.

Suggested Citation

  • I. G. Patel, 1986. "The Balance of Payments Problem," Palgrave Macmillan Books, in: Essays in Economic Policy and Economic Growth, chapter 3, pages 48-60, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18358-6_4
    DOI: 10.1007/978-1-349-18358-6_4
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