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Do Exchange Rates Work? Another View

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  • Mr. 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.

Suggested Citation

  • Mr. Robert A. Mundell, 1991. "Do Exchange Rates Work? Another View," IMF Working Papers 1991/037, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1991/037
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    Citations

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    Cited by:

    1. David Kihangire, 2005. "The Effects Of Exchange Rate Variability On Exports: Evidence From Uganda (1988 – 2001)," International Trade 0505013, University Library of Munich, Germany.
    2. Ott, Mack, 1996. "Post Bretton Woods deviations from purchasing power parity in G7 exchange rates--an empirical exploration," Journal of International Money and Finance, Elsevier, vol. 15(6), pages 899-924, December.
    3. Stanisic, Nenad, 2012. "Effects of international monetary integration on inflation, economic growth and current account," MPRA Paper 38938, University Library of Munich, Germany.

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