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Trade, the Balance of Payments and Exchange Rate Policy in Developing Countries (Hardcover)
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Trade, the Balance of Payments and Exchange Rate Policy in Developing Countries (Hardcover)
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This book is a synthesis of the author's ideas and research
concerning the monetary consequences of trade flows, and the
relevance of conventional balance of payments adjustment theory.
These ideas are considered mainly in the context of developing
countries, many of which suffer from deep structural difficulties
and severe foreign exchange shortages. Mainstream economic theory
regards the balance of payments to be self-adjusting, meaning that
the impact of the balance of payments on the growth and development
process is neither considered nor analysed. In contrast, the author
emphasises the importance of integrating monetary considerations
into trade theory and argues that the balance of payments
consequences of trade policy need to be carefully addressed. This
approach has a number of implications for important issues such as
the sequencing of trade liberalisation; the role of the exchange
rate in equilibrating the balance of payments; the case for
protection; and the way in which the importance of export growth is
articulated. Some of the ideas expressed have a long and
distinguished ancestry, but they are not part of the mainstream
orthodoxy and need airing in a world increasingly divided into rich
and poor countries. The author also considers the case for a new
international economic order which would better serve the needs of
developing countries, particularly by stabilising primary product
prices and controlling speculative capital flows. Trade and
development economists, and policymakers concerned with economic
growth and development, will appreciate the original and
illuminating research in this book.
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