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Extra info for Balance of Payments Adjustment: Macro Facets of International Finance Revisited
Chicago: University of Chicago Press, 1968. Swoboda, A. K. ’’ Economica, 40 (May 1973): 136–154. Chapter 2 A Survey of the Monetary Approach to International Finance Demetri Tsanacas, Krishna M. Kasibhatla and John Malindretos INTRODUCTION The role of money in the balance of payments adjustment process has been cast aside by the so-called Traditional approaches to balance of payments adjustments. These approaches, whether labeled the ‘‘elasticities approach,’’ ‘‘income multiplier approach,’’ ‘‘absorption approach,’’ or ‘‘internal-external balance approach,’’ have concentrated exclusively on real variables and ignored the monetary variables.
Under the former expectation, even if there is no change in the distribution of income, the perception that the distribution has changed could lead to a change in the consumption patterns and impact on the trade balance. Under the latter, it is possible for the nation to feel more wealthy in real terms, following a devaluation. In this case, it could consume more and induce a negative change in its trade balance, even if there were no changes in the terms of trade. The reverse would also hold true.
Superiority in this case is deﬁned by the monetarists as the ability of variables to act as initiators of disturbances and transmission channels. Monetary variables are both initiators and transmittors, while real variables are neither. In addition to monetary variables and real variables, there are monetary and real accounts. The trade balance is a real account, while the ofﬁcial reserves transactions balance (ORTB) is a monetary account. In the context of general equilibrium and the essentiality of the money market, any disturbance whatsoever will affect the money market.