英国economics专业英语论文精修 The monetarist approach to the BoP

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1.   Introduction

 In part it reflected growing dissatisfaction with a macroeconomic apparatus which
was still dominated by Keynesian thinking and which was perceived to have failed to provide a
satisfactory explanation for current problems. However, it also represented a change in thinking
about macroeconomic phenomena which in many respects returned to the classical tradition in
economic thought.
 
The traditional approach [examined in the last two lectures] was based upon a macroeconomic
framework which focused primarily on the short-run, where an economy need not gravitate
automatically to full employment, where both fixed exchange rates and sticky prices typically
prevailed, and (except in the Mundell case) relatively little consideration was given to the analysis of
international capital movements. The BoP would, therefore, be brought back into equilibrium
through a combination of automatic adjustment mechanisms based upon a synthesis of the
elasticities approach and the absorption approach, together with a judicious selection of demand
management policies by the authorities.
 
Monetarists, by contrast, concentrate more upon long-run problems. They tend to assume an
economy which displays an in-built tendency towards full employment, price flexibility (including in
some cases flexible exchange rates), and stress the importance of short-term international capital
markets for BoP analysis. Payments adjustment is seen through income or relative price changes,
and policy would tend to reflect a more laissez-faire attitude on behalf of the authorities.
 http://www.ukassignment.org/ygzydx/2011/1226/19214.html
Clearly, not all recent developments in BoP theory have been due to economists who might call
themselves monetarists, and it is as misleading to talk about the ‘monetarist model’ as it is to depict
the traditional synthesis as a monolithic representation of Keynesianism. Nonetheless, there are
certain key ideas associated with the monetarists revival which have an important bearing upon BoP
theory.
 
Although the traditional approach did not ignore the role of money, since this was represented by
the LM side of the analysis, monetarist believe that money should be the central focus of attention
in BoP theory. Instead of looking narrowly at the current account, monetarists want to look at the
BoP as a whole in terms of an inflow or outflow of money. If you want to understand the BoP, they
argue, the best place to start is in the money market to see if there is any imbalance between supply
and demand.
 

2.   The monetarist perspective
3. The monetarist adjustment mechanism
4.  Monetarist policies
5. Appraisal

References
 
(1) Williamson, J. & Milner, C., The World Economy, pp.185-188, 207-216, 219-240
(2) Chrystal, K.A., Controversies in Macroeconomics, pp.92-99
(3) Kindleberger, C & Lindert, P., International Economics, chapter 17
(4) Winters, L. Alan., International Economics, chapter 20
(5) Söderston, B., International Economics, chapter 26 
(6) Thirlwall, A.P., Balance of Payments Theory, chapter 5
(7) Frenkel, J & Johnson, H., The Monetary Approach to the Balance of Payments.

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