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International Monetary Economics
1966
by
Machlup
Monetary Theory
Fritz Machlup
Gottfried Haberler
Balance of Payments
Capital Movements
Devaluation
Gold Reserves
Exchange Rates
International Liquidity
Terms of Trade
Empiricism
International Trade
Methodology
Friedrich A. Hayek
Jacob Viner
John Maynard Keynes
Elasticity of Demand
Protectionism
Velocity of Circulation
Inflation
Price Level
Purchasing Power
Gold Standard
Hoarding
Interest Rates
Saving
Credit Expansion
Speculation
Free Banking
Central Banking
Money Market
Income Distribution
Jan Tinbergen
Supply and Demand
Deflation
International Monetary Fund
Capital Accumulation
Economic Development
Exchange Control
Accounting
Fiscal Policy
Monetary Policy
Innovation
Comparative Advantage
Economies of Scale
Price Controls
John Hicks
Trade Unions
Wage Rigidity
Economic Policy
National Income
Equilibrium
Joan Robinson
Value Judgments
Welfare Economics
Alfred Marshall
Joseph Schumpeter
Unemployment
Federal Reserve
Robert Triffin
Depreciation
Price Theory
Real Income
Money Supply
Keynesian Economics
Productivity
Resource Allocation
Price Mechanism
Liquidity
Marginal Cost
Opportunity Cost
World War II
Open Market Operations
Banking
Deficit Spending
Public Finance
Capital Flight
Francis Ysidro Edgeworth
Knut Wicksell
Effective Demand
Competition
Externalities
Milton Friedman
Gresham's Law
Bretton Woods
Jacques Rueff
European Union
Monetary Reform
Hjalmar Schacht
Reparations
World War I
David Ricardo
Treaty of Versailles
Adam Smith
Walter Eucken
Weimar Republic
Capital Consumption
Taxation
Reichsbank
Free Trade
John Stuart Mill
Production Costs
Dumping
Stockholm School
Wages
Political Economy
Table of Contents · 221 segments
1
Routledge Library Editions Publication Front Matter
chapter
2
Original Edition Title and Copyright Notices
chapter
3
Acknowledgments
essay
4
Preface
essay
5
Contents
chapter
6
List of Graphic Illustrations
chapter
7
List of Tables
chapter
8
List of T-Account Sets and Models
chapter
9
Introduction to Part One: Foreign Exchange and Balance of Payments
theoretical
10
Earlier Versions and Record of Changes for Chapters I–VI
bibliography
11
Editorial Source Note on Chapter VII
bibliography
12
The Theory of Foreign Exchanges: Introduction and Plan
theoretical
13
Sources of Supply and Purposes of Demand in the Foreign-Exchange Market
theoretical
14
Elasticities in Commodity Trade: Export Supply of Foreign Exchange
theoretical
15
Elasticity of Foreign Demand for Exports and Backward-Bending Foreign-Exchange Supply
theoretical
16
Demand for Foreign Exchange for Imports and the Transition to Capital Movements
theoretical
17
Elasticity of Foreign-Exchange Demand for Transfers, Debts, Tributes, and Foreign Investment
theoretical
18
Capital Exports, Exchange-Rate Adjustment, and the Emergence of an Export Surplus
theoretical
19
Capital Movements and the Balance of Trade: Logical Result
theoretical
20
Invisible Exports and Imports as Sources of Foreign Exchange Demand and Supply
theoretical
21
Shifts in Importers’ Demand and Exporters’ Supply from New Exchange Demands
theoretical
22
Purchasing-Power Flows, Transfer Effects, and Commodity Trade Curves
theoretical
23
Purchasing Power Parity, Inflation, and Exchange-Rate Determination
theoretical
24
Gold Movements, the Gold Standard, and Gold Arbitrage
theoretical
25
Capital Exports and Gold Outflows under the Gold Standard
theoretical
26
Gold Outflows, Income Deflation, and the Adjustment of Foreign Exchange Supply and Demand
theoretical
27
Catalogue of Factors Producing an Export Surplus after Capital Exports or Payments Abroad
theoretical
28
Exchange Stabilisation Funds as Modern Equivalents of Gold Arbitrage
theoretical
29
Sterilisation When Exchange Stabilisation Fund Operations Are Financed by Public Borrowing
theoretical
30
Exchange Stabilisation Funds, Foreign Balances, and Private Pegging
theoretical
31
Commercial Bank Pegging and Reserve Flexibility
theoretical
32
Private Dealer Pegging and the Gold Standard Analogy
theoretical
33
Foreign-Exchange Theory under Flexible Exchanges and a Pure Gold Standard
theoretical
34
Section 29: Foreign Bank Balances and Gold Movements
theoretical
35
Section 30: Exchange Stabilisation Funds and Interest Rates
theoretical
36
Section 31: Capital Transfers, Promissory Notes, and Rate Effects
theoretical
37
Section 32: Indeterminate Speculation without Exchange Policy
theoretical
38
Section 33: Exchange-Rate Expectations, Trade Timing, and Long-Period Analysis
theoretical
39
Statistical Balance of Payments versus Foreign-Exchange Supply and Demand
theoretical
40
Elasticity Pessimism in International Trade: Introduction and Arguments
chapter
41
Overestimation of Required Elasticities for Depreciation
theoretical
42
Underestimation of Actual Trade Elasticities
theoretical
43
Three Concepts of the Balance of Payments: Introduction
chapter
44
The Market Balance of Payments
theoretical
45
The Programme Balance of Payments
theoretical
46
The Accounting Balance of Payments: Definition
theoretical
47
Carried-Over Footnote on German Trade-Balance Pliability
footnotes
48
The Accounting Balance of Payments: Selected Accounts and Limits
theoretical
49
Perfect Accounting Balance versus Market Balance
theoretical
50
IMF Compensatory Official Financing and the Dollar Deficit
theoretical
51
Conclusions on Three Balance-of-Payments Concepts and Transition to Dollar Shortage
theoretical
52
Dollar Shortage and Productivity Growth Disparities: Outline and Introduction
essay
53
Meaning and Causes of Dollar Shortage: Monetary Policy versus Structural Conditions
essay
54
Balogh’s Productivity-Disparity Hypotheses and Missing Explanation
essay
55
Haberler’s Critique and Balogh’s Continued Structural Claims
essay
56
Williams and Hicks on Productivity Growth, Import-Biased Progress, and the Dollar Shortage
theoretical
57
Disparities in the Growth of Productivity: Empirical Objections and Wage-Rigidity Implications
theoretical
58
Growth Rates versus the Incidence of Technological Change
theoretical
59
Comparative Advantage, Adjustment Costs, and Trade Policy
theoretical
60
Dollar Shortage: Structural Conditions or Economic Policy
theoretical
61
Equilibrium and Disequilibrium: Misplaced Concreteness and Disguised Politics
chapter
62
A Brief Review of the Uses of Equilibrium Concepts in Economics
theoretical
63
The Role of Equilibrium in Economic Analysis
theoretical
64
Misplaced Concreteness and Disguised Politics
theoretical
65
Equilibrium in International Trade Theory
theoretical
66
Comments on "The Balance of Payments"
essay
67
The Mysterious Numbers Game of Balance-of-Payments Statistics
essay
68
Three Reasons for Revisions and New Versions (continued)
essay
69
The U.S. Balance of Payments in 1951 and the Not So Stubborn Facts of History
essay
70
The U.S. Balance of Payments in 1959 and 1960
essay
71
Contradictory Balance Findings and the Setup for Juggling Items
essay
72
Juggling Items and Arbitrary Distinctions in Payment Balances
essay
73
Modern Presentations, Debates, and the Sense of Balance-of-Payments Accounting
essay
74
Part Two Introduction: The Effects of Devaluation
chapter
75
Preview of Chapters VIII and IX
chapter
76
Major Themes in the Analysis of Devaluation
theoretical
77
Earlier Versions and Record of Changes for Chapter VIII
bibliography
78
Publication Note for Chapter IX: The Terms-of-Trade Effects of Devaluation upon Real Income and the Balance of Trade
bibliography
79
Relative Prices and Aggregate Spending in the Analysis of Devaluation
chapter
80
Some Consequences of Neglecting Relative Prices
theoretical
81
Reasoning from Definitional Equations
theoretical
82
Implicit shifts of emphasis and comparison of the income-absorption and elasticities approaches
essay
83
The Terms-of-Trade Effects of Devaluation upon Real Income and the Balance of Trade: introduction and current views
chapter
84
The relevant terms-of-trade concept
theoretical
85
Terms-of-Trade Effects, Income, and the Equality Rule
theoretical
86
Illustration by Analogy: Free-Lance Writer and Resource Reallocation
theoretical
87
Benefits from Deteriorated Terms of Trade and Resource Reallocation
theoretical
88
Real Output, Intake, and Income
theoretical
89
Primary and Secondary Burden of Devaluation
theoretical
90
Income, Propensities to Spend, and Appendix Tests of Terms-of-Trade Effects
theoretical
91
Part Three Introduction: Gold and Foreign Reserves
chapter
92
Preview of Chapters X-XIII
chapter
93
Major Themes: Gold and Foreign Reserves
theoretical
94
Earlier Versions and Record of Changes for Chapters X-XII
bibliography
95
Editorial Note on Chapter XIII: Further Reflections on the Demand for Foreign Reserves
footnotes
96
Eight Questions on Gold: Context and Agenda
essay
97
Dollar Devaluation and Possible Gold-Price Reduction
essay
98
Costs and Benefits of Large Gold Imports
essay
99
Gold as an International Means of Payment
essay
100
The Value of Gold
essay
101
Commodity and Currency Value of Gold
theoretical
102
Domestic Circulation of Gold Coins
theoretical
103
Gold, Public Debt, and Large Gold Reserves
theoretical
104
Postscript After 23 Years
essay
105
Chapter XI: A Proposal to Reduce the Price of Gold
chapter
106
Raising the Price of Gold
theoretical
107
Reducing the Price of Gold and the Dollar Shortage-to-Glut Transition
theoretical
108
Our Power over the Price of Gold
theoretical
109
Prospective Gold Sales After an Announced Gold-Price Reduction
essay
110
Effects upon Money Markets and International Reserves
theoretical
111
The Fuzzy Concepts of Liquidity: Introduction, Semantic Clarification, and the Narrow Gold Cover
chapter
112
The Meanings of Liquidity
theoretical
113
Possible Disposers of Funds and Intragroup Netting
theoretical
114
Non-Additive Liquidity in Aggregates
theoretical
115
International Liquidity and Non-Additive Central-Bank Reserves
theoretical
116
Liquidity Preference, Domestic and International
theoretical
117
International-Liquidity Preference and Foreign-Reserve Demand: Conclusion
theoretical
118
Further Reflections on the Demand for Foreign Reserves: Introduction
chapter
119
The Needs of Trade
theoretical
120
Reserves for Contingent Liabilities
theoretical
121
Large, Small, or No Reserves
theoretical
122
Large, Small, or No Reserves
theoretical
123
Private versus Official Foreign Reserves: Opening Problem
theoretical
124
Private versus Official Foreign Reserves: Risk Pooling, Competition, and Market Evaluation
theoretical
125
External Benefits of Foreign Reserve Holding
theoretical
126
External Benefits, Official Reserves, and Rigged Exchange Rates
theoretical
127
The Demand for Foreign Reserves
theoretical
128
Introduction to Part Four: Reform Plans and Preview Heading
chapter
129
Preview of Chapter XIV: Plans for Reform of the International Monetary System
chapter
130
Major Themes and Opening of Earlier Version and Record of Changes
theoretical
131
Chapter XIV Publication History and Record of Changes
bibliography
132
Chapter XIV Introduction: Plans for Reform of the International Monetary System
chapter
133
A. The Present System: Overview
chapter
134
Foreign Reserves: Gold-Exchange Standard, IMF Positions, and Aggregate Reserve Growth
chapter
135
Distribution and Composition of Foreign Reserves by Country
chapter
136
The International Monetary Fund: terminology and official definitions
chapter
137
IMF quotas, tranches, drawing rights, and reserve accounting
chapter
138
Charges against the system: balance-of-payments difficulties
chapter
139
Inadequacy of International Reserves
theoretical
140
Danger of Collapse of the Gold-Exchange Standard
theoretical
141
A Selection of Reform Plans
theoretical
142
Extension of the Gold-Exchange Standard and Multiple-Currency Reserves
theoretical
143
Forms of Mutual Assistance among Central Banks
theoretical
144
IMF-Mediated Support Plans of Zolotas, Bernstein, and Jacobsson
theoretical
145
Theoretical Case for Supporting Hot-Money Deficits Rather than Basic-Balance Deficits
theoretical
146
Centralization of Monetary Reserves and the Keynes Clearing Union
theoretical
147
Triffin and Stamp Plans for International Reserve Creation
theoretical
148
Day and Angell Variants of the Expanded I.M.F.
theoretical
149
Harrod Plans and the Maudling Mutual Currency Account
theoretical
150
Extended Bernstein Plan, Day’s Reserve-Growth Rule, and Comparative Table of Plans
theoretical
151
Credit Transfer Versus Credit Creation by the Fund
theoretical
152
Mechanics of Increasing the Price of Gold
theoretical
153
Gold Revaluation, the Gold-Exchange Standard, and Competing Reformers
theoretical
154
Gold Hoarding, Speculation, and Proposals to Reduce the Gold Price
theoretical
155
Miyata and Wonnacott Plans for Gradual Gold-Price Increases
theoretical
156
Freely Flexible Exchange Rates: Opening and Fixed-Rate Prerequisites
theoretical
157
Adjustable Pegs, Fundamental Disequilibrium, and Speculation
theoretical
158
Advocates of Flexible Rates and the Consistency Problem of Monetary Autonomy
theoretical
159
Practical Transition to Flexible Rates, Reserve-Currency Obligations, and Gold
theoretical
160
Concluding Remarks on Plans for International Monetary Reform
theoretical
161
Part Five Introduction: Capital Movements and the Transfer Problem
chapter
162
Preview of Chapters XV–XX: Transfer Problem, Reparations, and Capital Movements
chapter
163
Major Themes in the Transfer Problem
theoretical
164
Earlier Versions and Record of Changes for Chapters XV–XIX
bibliography
165
Publication Note for Chapter XX: Capital Movements and Trade Balance
bibliography
166
Chapter XV: The Transfer Problem—Theme and Four Variations, Introduction
chapter
167
Variation I: Britain, 1793–1816
chapter
168
Variation II: France, 1871–1875
chapter
169
French Indemnity Payments and Foreign Trade Adjustment
chapter
170
Variation III: Germany, 1924-1932
chapter
171
Variation IV: United States, 1950-1963
chapter
172
United States Foreign Payments, Trade Balances, and the Transfer Problem, 1949-1961
essay
173
Coda Opening: Comparison of Four Historical Transfer Cases
essay
174
Continuation of Footnote 19 on Grants, Foreign Aid, and Tied Transfers
footnotes
175
Table XV-11: Ratios of Foreign Payments to National Income and Foreign-Trade Volume
chapter
176
Conclusion to Chapter XV: U.S. Transfer Burden and Qualifications
theoretical
177
Foreign Debts, Reparations, and the Transfer Problem: Opening Thesis
chapter
178
The Facts: German Foreign Borrowing and Its Uses
theoretical
179
The Concern for the Future: Repayment, Taxation, and Capital Strain
theoretical
180
The Supposed Explanation of the Alarm: Balance of Payments and Currency Stability
theoretical
181
Foreign Debts, Reparations, and the Transfer Problem: Schacht, Ricardo, and Balance-of-Payments Fears
theoretical
182
Sequence Models of Capital Inflow and Loan Repayment
theoretical
183
Money Supply and Trade Balance
theoretical
184
Foreign loans, central-bank circulation, and the mechanics of reparations transfer
theoretical
185
Objections and qualifications: tariffs, free trade, and continuing reparations payments
theoretical
186
Transfer Failure and the Budgetary Problem
theoretical
187
Transfer and Price Effects: Introduction and a Limiting Case
chapter
188
Four Keynesian Propositions on Transfer
theoretical
189
The Required Reduction of Prices
theoretical
190
Low Elasticities of Demand for Export Goods
theoretical
191
The Required Reduction of Wages
theoretical
192
The Double Burden upon Incomes
theoretical
193
The Loss of Money and the Loss of Goods
theoretical
194
Commodity Value of Reparations and the Terms of Trade
theoretical
195
Commodity Value of Reparations and Terminological Ambiguity
theoretical
196
Postscript After 35 Years: Reassessment of the Transfer Problem
essay
197
The Transfer Problem: Assumptions and Transferable Portion without Price Effects
chapter
198
Alternative Routes: Income Effects, Price Effects, and Deflation
chapter
199
Transfer Problem, Price Flexibility, and Foreign Expansion: Conclusion with Notes
theoretical
200
XIX. The Transfer Problem Revisited: Introduction
chapter
201
A Restatement of the Transfer Problem
theoretical
202
A Semantic Analysis: Opening Taxonomy
theoretical
203
A Semantic Analysis: Shortage of Foreign Exchange for Transfer
theoretical
204
Political Difficulties in Executing Transfer Policies
theoretical
205
Economic Sacrifices: Primary Burden and Price Effects
theoretical
206
Output Losses and the Evolution of Transfer Analysis
theoretical
207
Transfer under Conditions of Growth
theoretical
208
Transfer Obligations, Growth, and Warranted Domestic Disbursements
theoretical
209
Leave-Taking
essay
210
Capital Movements and Trade Balance: Introduction and Accommodating Capital Exports
chapter
211
Accommodating Foreign Lending: Motives and Categories
theoretical
212
Spontaneous Capital Exports, Net Capital Flows, and the Trade Balance
theoretical
213
Alternative Sequencing of Canadian Borrowing and Import Surpluses
footnotes
214
Types of Autonomous Capital Movements: Framework and Taxonomy
theoretical
215
Autonomous but Non-Spontaneous Capital Flows and Joint Spontaneity
theoretical
216
Primary Disbursements in the Capital-Exporting Country
theoretical
217
Primary Disbursements in the Capital-Importing Country
theoretical
218
Spontaneous Securities Sales, Foreign Issues, and Primary Disbursements
theoretical
219
Reasonable Assumptions for Subsequent Income and Trade Analysis
theoretical
220
Index A–M
bibliography
221
Index (continued): Misplaced Concreteness to Zolotas
bibliography