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Do Exchange Rates Work? Another View

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  • Robert A. Mundell

Abstract

This paper investigates the role of exchange rates in balance of payments theories. It explores the sixteen approaches to the balance of payments, the concept of an “equilibrium” trade balance and sequential “stages” of the current account. It examines fiscal and demographic influences on the U.S. deficit. The final section considers the breakdown of the international monetary system after World Wars I and II; an evaluation of alternative proposals to correct the defects of the system; and an examination of the extent to which deficits of reserve countries have their origins in systemic problems.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 91/37.

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Length: 58
Date of creation: 01 Apr 1991
Date of revision:
Handle: RePEc:imf:imfwpa:91/37

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Cited by:
  1. Stanisic, Nenad, 2012. "Effects of international monetary integration on inflation, economic growth and current account," MPRA Paper 38938, University Library of Munich, Germany.
  2. David Kihangire, 2005. "The Effects Of Exchange Rate Variability On Exports: Evidence From Uganda (1988 – 2001)," International Trade, EconWPA 0505013, EconWPA.

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