Balance of Payments Adjustment: Macro Facets of International Finance Revisited

by Augustine C. Arize, Theologos H. Bonitsis, Ioannis Kallianiotis, Krishna Kasibhatla, John Malindretos

Overview

The five parts of this collection of essays systematically and thoroughly examine the two competing theories of balance of payments and adjustment, namely the Keynesian and the Monetary approaches. Each part deals with specific aspects of the two approaches. Part I surveys the theories behind these two approaches, looking at the presuppositions, main theory, and policy recommendations which they include. Part II examines the empirical literature and describes the numerous models which have been proposed. Part III critiques the two theories on their assumptions, policy advice and empirical modeling. Part IV compares and contrasts the two views, both theoretically and empirically. Empirical studies on different countries are performed to emphasize the differing set of accounts and variables of the two approaches. Part V considers the approaches in a regime of flexible exchange rates. Scholars, students and researchers will find this collection of great help in understanding the two approaches to balance of payments and adjustment.

Product Details

ISBN-13:	9780313308260
Publisher:	Bloomsbury Academic
Publication date:	01/30/2000
Series:	Contributions in Economics and Economic History , #203
Edition description:	REV
Pages:	280
Product dimensions:	6.14(w) x 9.21(h) x 0.69(d)
Lexile:	1460L (what's this?)

About the Author

AUGUSTINE C. ARIZE is Professor of General Business and Systems Management at East Texas State University.

THEOLOGOS HOMER BONITSIS is Associate Professor of Finance at the New Jersey Institute of Technology.

IOANNIS N. KALLIANIOTIS is Associate Professor of Finance in the School of Management at the University of Scranton.

KRISHNA M. KASIBHATLA is Associate Professor of Business and Economics at Bennett College.

JOHN MALINDRETOS is Assitant Professor of Finance at Yeshiva University.

Table of Contents

Introduction
Part I
Full Employment, Balance of Payments and Adjustments in Unified (Fixed) Exchange Rate Regimes by Dilip K. Ghosh and Gilles Duteil
The Empirical Evidence to the Traditional Approach to the Capital Account by Valerie Englander, Melvin Johnson, and John Malindretos
A Survey of the Monetary Approach to International Finance by Krishna M. Kasibhatla, John Malindretos, and Demetri Tsanacas
Part II
A Critique of the Traditional Approach to International Finance by Theologos Homer Bonitsis and John Malindretos
The Monetary Theory of the Balance of Payments: A Retrospective Analysis by H. Peter Gray
Part III
The Traditional Theory to the Current Account: An Empirical Examination by Augustine C. Arize, et al.
Empirical Evidence of the Monetary Approach to Balance-of-Payments Adjustments by Augustine C. Arize, et al.
Part IV
Keynesian and Monetary Approaches to the Balance-of-Payments by Luis Eduardo Rivera-Solis, et al.
International Adjustment for Kenya: The Relevance of the Traditional and Monetary Approaches by Luis Eduardo Rivera-Solis, Krishna M. Kasibhatla, and John Malindretos
A Comparison of the Monetary and the Traditional Approaches to International Competitiveness by Krishna M. Kasibhatla, John Malindretos, and Paul R. Kutasovic
The Keynesian and Monetary Approaches to International Accounts Adjustment: Some Heuristics for Germany by Theologos Homer Bonitsis and John Malindretos
Part V
The Traditional Approach to Balance of Payments Adjustment under Flexible Exchange Rates by Augustin C. Arize, Elias Grivoyiannis, and Ioannis N. Kallianotis
Doctrinal Views on Exchange Rate Determination: An Eclectic Approach by Dilip K. Ghosh, Abraham Mulugetta, and Asrat Tessema
Recent Evidence on the Determinants of Foreign Exchange Rates by Demetrios Giannaros
The Monetary Approach to Exchange Rates and the Canadian Dollar over the Long Run by Bill Francis, Iftekhar Hasan, and James R. Lothian
Conclusion
Bibliography
Index

Editorial Reviews

Business and economic scholars analyze in detail the two major approaches to international balance-of-payments adjustment, the traditional one called Keynesian and developed early in the 20th century, and the Monetary developed in the 1970s but which is claimed by its adherents to have been around since the time of David Hume. They review them theoretically and empirically, look at critiques, compare them theoretically and empirically, and survey the theoretical literature and empirical evidence on determining exchange rates. Annotation c. Book News, Inc., Portland, OR (booknews.com)

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