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By H.Peter Gray

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Extra info for An Aggregate Theory of International Payments Adjustment

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Domestic interdependence of instruments does not necessarily involve an incompatibility of targets. International interdependence does derive from an incompatibility of short-run targets. 24 Lawrence B. Krause, 'A Passive Balance-of-Payments Strategy for the United States', Brookings Papers on Economic Activity (3: 1970) pp. 339-60. The definition needs broadening to allow for the possibility of a change in the payments target. 24 The Infrastructure Foreign retaliation to a change in balance-of-payments policies by one nation can involve either a reduction in the size of the change actually induced in an instrument variable or a change in the data.

7 The belief is that the performance of the economic system can be improved to a significant degree and even made to function acceptably well, by deliberately influencing a few key aggregates. His theory of international payments presented in The Treatise provides a framework for analysing which key international economic aggregates should be influenced and in what way. g. sensitive automatic stabilisers and flexible exchange-rate systems. The main difference in milieu is crucial. In a world in which separate nation states exist to act in their own self-interest, income distribution and the distribution of any burden of adjustment among nations are questions of paramount importance.

4---t---------:::o(IC--------. C(>C? T Balance of trade (--I FIGURE 2-1 Competitiveness and the Trade Balance assumed to be given for the period in the absence of some balance-ofpayments policy. Acceptable levels of employment are also assumed to be given. There is, then, some value of the competitive ratio, C, which, if it were to be instituted at the beginning of the period by means of a basic adjustment, would generate balanced trade for the period as a whole. Call that value C~. This is the value of the competitive ratio that accords with the payments target and it mayor may not be the actual value of the competitive ratio that prevails in the international market place (Cp ).

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