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Simultaneous Internal and External Balance

In: Balance-of-Payments Theory and the United Kingdom Experience

Author

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  • A. P. Thirlwall

    (University of Kent)

Abstract

The achievement of simultaneous internal and external balance is the prime task of macroeconomic policy in most countries. In some countries there may not be a conflict between the achievement of internal balance and balance-of-payments equilibrium. Circumstances may be such that the goals of full employment and a satisfactory growth rate can be achieved without a balance-of-payment s deficit emerging. In many countries, however, the potential conflict between internal and external balance, which was discussed in Chapter 2, materialises frequently. In the United Kingdom the conflict between balance-of-payments equilibrium and faster growth has been acute since the Second World War, and in recent years the achievement of full employment has also become problematical.

Suggested Citation

  • A. P. Thirlwall, 1986. "Simultaneous Internal and External Balance," Palgrave Macmillan Books, in: Balance-of-Payments Theory and the United Kingdom Experience, edition 0, chapter 6, pages 123-138, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-18390-6_6
    DOI: 10.1007/978-1-349-18390-6_6
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