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Der Einfluß des Volkseinkommens auf die Zahlungsbilanz
Ergebnisse eines monetären und keynesianischen Ansatzes
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 97 (1977), Iss. 4 : pp. 289–308
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Jarchow, Hans-Joachim
References
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Abstract
This article deals with the hypothesis that the Keynesian approach to balance of payments theory implies a contradiction to the monetary approach which states that an increase in real income results in a balance of payments surplus. It is shown here that a generalised Keynesian model of an open economy is compatible with surpluses as well as deficits due to a rise in real income. The conditions under which a deficit or a surplus in the overall balance (under a regime of flexible exchange rates: a revaluation or a devaluation) occurs, are specified.