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International Liquidity

  • John Williamson

Abstract

It has long been customary to contrast the aesthetic rigour of the pure theory of international trade with the superior journalism of international monetary economics. No doubt such a contrast still exists, but in recent years the latter field has increasingly followed the trend that has been evident in economics for some two centuries, and a serious technical literature has emerged alongside the profuse writings of a more traditional character. This development has affected both balance-of-payments theory and international-liquidity theory, where the latter is conceived of as that part of international monetary economics that is not confined to establishing what does (or should) determine an individual country’s balance-of-payments position (or policy). The primary aim of this article is to provide a guide to this technical literature, hopefully by casting it into a coherent theoretical framework.

Keywords

Monetary Policy International Reserve Reserve Currency International Liquidity International Monetary System 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© The Royal Economic Society and the Social Science Research Council 1977

Authors and Affiliations

  • John Williamson

There are no affiliations available

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