TRADE, THE BALANCE OF PAYMENTS AND EXCHANGE RATE POLICY IN DEVELOPING COUNTRIES by A. P. Thirlwall ( 9781843768487 )

Item Details

Title:

TRADE, THE BALANCE OF PAYMENTS AND EXCHANGE RATE POLICY IN DEVELOPING COUNTRIES

By:

Format:

Paperback

List price:	£32.95
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ISBN 10:

1843768488

ISBN 13:

9781843768487

Publisher:

EDWARD ELGAR PUBLISHING LTD

Pub. date:

26 May, 2004

Pages:

192

Description:

This 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.

Synopsis:

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.

Publication:

Imprint:

Edward Elgar Publishing Ltd

Returns:

Returnable

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