Balance of Payments Adjustment: Macro Facets of International Finance Revisited

Contents......Page 6
Tables and Figures......Page 10
Introduction......Page 12
I. A Theoretical Review of the Keynesian and Monetary Approaches to the Balance of Payments......Page 18
1. Full Employment, Balance of Payments and Adjustments in Unified (Fixed) Exchange Rate Regimes Dilip K. Ghosh and Gilles Duteil......Page 20
2. A Survey of the Monetary Approach to International Finance Demetri Tsanacas, Krishna M. Kasibhatla and John Malindretos......Page 32
II. An Empirical Review of the Keynesian and Monetary Theories to the Balance of Payments......Page 50
3. Empirical Evidence for the Traditional Approach to the Capital Account Valerie Englander, Melvin Johnson and John Malindretos......Page 52
4. The Traditional Theory to the Current Account: An Empirical Examination Augustine C. Arize, Elias C. Grivoyannis, Ioannis N. Kallianiotis and Stanley J. Lawson......Page 56
5. Empirical Evidence for the Monetary Approach to Balance of Payments Adjustments Augustine C. Arize, Elias C. Grivoyannis, Ioannis N. Kallianiotis and John Malindretos......Page 72
III. Criticisms of the Keynesian and Monetary Views of Balance of Payments Determination......Page 98
6. A Critique of the Traditional Approach to International Finance Theologos Homer Bonitsis and John Malindretos......Page 100
7. The Monetary Theory of the Balance of Payments: A Retrospective Analysis H. Peter Gray......Page 115
IV. A Theoretical Comparison of the Keynesian and Monetary Theories to the Balance of Payments......Page 128
8. Keynesian and Monetary Approaches to the Balance of Payments Melvin Johnson, Krishna M. Kasibhatla and John Malindretos......Page 130
V. Empirical Comparisons of the Keynesian and Monetary Theories of Balance of Payments Determination......Page 140
9. International Adjustment for Kenya: The Relevance of the Traditional and Monetary Approaches Luis Eduardo Rivera-Solis, Krishna M. Kasibhatla and John Malindretos......Page 142
10. A Comparison of the Monetary and Traditional Approaches to International Competitiveness Krishna M. Kasibhatla, John Malindretos and Paul R. Kutasovic......Page 152
11. The Keynesian and Monetary Approaches to International Accounts Adjustment: Some Heuristics for Germany Theologos Homer Bonitsis and John Malindretos......Page 157
12. The Role of Exogeneity, Causality and Exchange-Rate Volatility in the Modeling of U.S. Export-Demand Function: Some New Evidence Augustine C. Arize......Page 170
VI. A Review of the Theoretical Literature on Exchange Rate Determination......Page 186
13. The Traditional Approach to Balance of Payments Adjustment under Flexible Exchange Rates Augustine C. Arize, Elias C. Grivoyannis, Ioannis N. Kallianiotis and Valerie Englander......Page 188
14. Doctrinal Views on Exchange Rate Determination: An Eclectic Approach Dilip K. Ghosh, Abraham Mulugetta and Asrat Tessema......Page 217
VII. Empirical Evidence on Exchange Rate Determination......Page 230
15. Recent Evidence on the Determinants of Foreign Exchange Rates Demetrios Giannaros......Page 232
16. A Re-examination of the Monetary Approach to the Exchange Rate: A Long-Run Approach Bill Francis, Iftekhar Hasan and James R. Lothian......Page 239
Conclusion......Page 250
Selected Bibliography......Page 252
Index......Page 266
About the Editors and Contributors......Page 272