国际贸易与金融双语ch14.pptVIP

Carbaugh, Chap. 14 International EconomicsBy Robert J. Carbaugh9th Edition Chapter 14: Balance-of-Payments Adjustments Under Fixed Exchange Rates Balance of payments adjustments If part of the balance of payments is in deficit or surplus for a period of time, mechanisms are needed to restore equilibrium Adjustment mechanisms can be: Automatic - economic processes Discretionary - government policies Automatic adjustment under fixed exchange rates Key variables Prices Interest rates Income Money Schools of thought on adjustment Classical approach (1800s - early 1900s) Centered on gold standard