Balance of Payments and Exchange Rate Theories
Author | : Norman C. Miller |
Publisher | : Edward Elgar Publishing |
Total Pages | : 224 |
Release | : 2002-01-01 |
ISBN-10 | : 178195710X |
ISBN-13 | : 9781781957103 |
Rating | : 4/5 (0X Downloads) |
Download or read book Balance of Payments and Exchange Rate Theories written by Norman C. Miller and published by Edward Elgar Publishing. This book was released on 2002-01-01 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Norman Miller provides a fresh perspective on balance of payments and exchange rate theories, including intertemporal open economy models that focus on the optimum current account. To this end, he proves that any non-zero balance of payments must always be associated with a disequilibrium in either a commodity or an asset market. In this rigorous yet readable book, important welfare and policy implications are carefully examined. Norman Miller develops a new theory of the balance of payments associated with commodity market disequilibrium, a loanable funds theory of exchange rate and a modern foreign exchange market theory of the exchange rate that incorporates capital flows.