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The Monetary Approach to the Balance of Payments and Related Approaches

In: International Finance and Open-Economy Macroeconomics

Author

Listed:
  • Giancarlo Gandolfo

    (Accademia Nazionale dei Lincei)

Abstract

The idea that changes in the money-stock are important in explaining balance-of-payments adjustment was already present in Mundell’s model, but it was developed by the Monetary Approach to the Balance of Payments (MABP) to give these changes an exclusive importance in the context of a different model based on a pure stock-adjustment behaviour. The assumptions and conclusions of the MABP (amongst which the ineffectiveness of an exchange-rate devaluation) are examined in detail.

Suggested Citation

  • Giancarlo Gandolfo, 2016. "The Monetary Approach to the Balance of Payments and Related Approaches," Springer Texts in Business and Economics, in: International Finance and Open-Economy Macroeconomics, edition 2, chapter 12, pages 245-264, Springer.
    • Handle: RePEc:spr:sptchp:978-3-662-49862-0_12
    DOI: 10.1007/978-3-662-49862-0_12
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