Basic Issues in International Monetary Economics
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Borchert, M. (1988). Basic Issues in International Monetary Economics. Duncker & Humblot. https://doi.org/10.3790/978-3-428-46464-7
Borchert, Manfred. Basic Issues in International Monetary Economics. Duncker & Humblot, 1988. Book. https://doi.org/10.3790/978-3-428-46464-7
Borchert, M (1988): Basic Issues in International Monetary Economics, Duncker & Humblot, [online] https://doi.org/10.3790/978-3-428-46464-7
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Basic Issues in International Monetary Economics
Schriften zu internationalen Wirtschaftsfragen, Vol. 8
(1988)
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Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Preface | 5 | ||
| Contents | 7 | ||
| PART I: THEORY OF INTERNATIONAL ECONOMICS | 13 | ||
| Chapter 1: The Exchange Rate System | 13 | ||
| 1. The Foreign Exchange Market | 13 | ||
| 2. Variables of Currency Supply and Currency Demand | 14 | ||
| 3. Forward Exchange Transaction and Hedging | 14 | ||
| 4. Interest Arbitrage | 16 | ||
| 5. Exchange Rate Speculation | 19 | ||
| 6. Financial Futures | 21 | ||
| 7. Concern for Exchange Rates | 22 | ||
| 8. Exchange Rate Development over the Past Years | 23 | ||
| Chapter 2: The Balance of Payments. Structure and Interdependences | 27 | ||
| 1. The Conception of the Balance of Payments | 27 | ||
| 2. The Structure of the Balance of Payments | 31 | ||
| 2.1. The Balance on Current Account | 31 | ||
| 2.2. Balance on Capital Account and Foreign Exchange Account | 32 | ||
| 2.3. The Overall Balance | 33 | ||
| 3. Government Borrowing Abroad | 35 | ||
| 4. Different Concepts of the Balance of Payments | 37 | ||
| 5. The Balance of Payments Equilibrium | 39 | ||
| Chapter 3: International Real Transfer | 41 | ||
| 1. The Keynes-Ohlin-Controversy | 41 | ||
| 2. Preliminaries of the Real Transfer: The Budgetary Problem and the Monetary Transfer | 44 | ||
| 3. Real Transfer in the Classical View | 47 | ||
| 4. Real Transfer in the Keynesian View | 49 | ||
| 5. Real Transfer with Stock Adjustments | 53 | ||
| PART II: EMPIRICAL PROBLEMS OF INDEBTEDNESS | 55 | ||
| Chapter 4: A Comparative Study of the Great Depression of 1929-32 and the World Economic Crisis of Today - Viewed from a German Standpoint | 55 | ||
| 1. Preliminary Remarks | 55 | ||
| 2. The Long-Cycles-Hypothesis | 56 | ||
| 3. A Comparison of Data | 57 | ||
| 4. The Monetary Problem | 59 | ||
| 5. Demand-orientated versus Supply-orientated Arguments | 61 | ||
| 6. Political Reasoning | 63 | ||
| Chapter 5: Effects of Fiscal Deficits as Regards the Balance of Payments and the Case of Mexico | 67 | ||
| 1. Preliminaries to Indebtedness | 67 | ||
| 1.1. Debt and Stock of Wealth | 67 | ||
| 1.2. On the Necessity of Repaying Loans | 68 | ||
| 1.3. Maximal Debt | 69 | ||
| 1.4. Procedure | 71 | ||
| 2. Theoretical Characteristics of the Balance of Payments in the Case of Public Deficits | 72 | ||
| 2.1. The Flexible Exchange Rate System | 72 | ||
| 2.1.1. Balance of Payments without Public Deficits | 72 | ||
| 2.1.2. Balance of Payments with Public Deficits | 74 | ||
| 2.1.3. The Role of Interest Payments for the Balance of Payments | 76 | ||
| 2.2. The Fixed Exchange Rate System | 77 | ||
| 2.2.1. Balance of Payments without Public Deficits | 77 | ||
| 2.2.2. Balance of Payments with Public Deficits | 78 | ||
| 2.2.3. The Two-Tier Exchange Rate System | 80 | ||
| 3. Effects of Fiscal Deficits and the Balance of Payments in the Case of Mexico 1972-1982 | 81 | ||
| 3.1. Historical Data in the Recent Economic Development in Mexico | 81 | ||
| 3.2. External Indebtedness due to Fiscal Deficits | 85 | ||
| 4. The Role of Foreign Direct and Portfolio Equity Investments | 87 | ||
| 5. Summary | 89 | ||
| Chapter 6 The Banks' Function in International Indebtedness | 93 | ||
| 1. The Scale of International Indebtedness | 93 | ||
| 2. The Sources of Funds and the Present, International Indebtedness | 95 | ||
| 2.1. Xeno-Markets | 95 | ||
| 2.2. Xeno-Market Conditions | 97 | ||
| 2.3. New Developments on the International Bond Markets | 98 | ||
| 3. Consequences for an International Currency Regime | 100 | ||
| 4. Debt Effects on Debtors and Creditors | 102 | ||
| 4.1. Debt Effects on Debtor Countries | 102 | ||
| 4.2. Consequences of International Indebtedness for the Creditors | 105 | ||
| 5. Some Fundamentals for International Loans | 106 | ||
| Chapter 7: An Alternative: Stimulating Intraregional Trade | 109 | ||
| 1. Preliminaries | 109 | ||
| 2. Effects of an Intraregional Trade Liberalization. A Model | 111 | ||
| 3. Empirical Testing | 116 | ||
| 3.1. Results for EC-Countries | 117 | ||
| 3.2. Results for the LAFTA-Countries | 121 | ||
| 3.3. Results for the PTA-Countries | 121 | ||
| 4. Effects of Bloc Formation on the Volume of Foreign Trade | 126 | ||
| 5. A Few Consequences for LDCs | 130 | ||
| PART III: SUPRANATIONAL MONETARY INSTITUTIONS | 133 | ||
| Chapter 8: The Bretton Woods Monetary System | 133 | ||
| 1. The Foundation of the International Monetary Fund | 133 | ||
| 2. Problems of the Bretton Woods Monetary System | 134 | ||
| 2.1. The Original Situation | 135 | ||
| 2.2. The Reserve Currency-System | 135 | ||
| 2.3. The Key Currency-System | 136 | ||
| 2.4. The Situation in the Key Curreny Country | 137 | ||
| 2.5. Consequences for Other Countries | 138 | ||
| 3. The Withdrawal from the Bretton Woods System | 139 | ||
| 3.1. The Introduction of Flexible Exchange Rates | 140 | ||
| 3.2. The Gold Price Increase | 140 | ||
| 3.3. A System with Two Key Currencies | 141 | ||
| Chapter 9: The New International Monetary System | 143 | ||
| 1. The Significance of the Special Drawing Rights | 143 | ||
| 1.1. The Nature of the Special Drawing Rights | 143 | ||
| 1.2. The Quality of the Special Drawing Rights | 144 | ||
| 1.3. Terms of Allotment for Special Drawing Rights | 145 | ||
| 1.4. International Liquidity | 147 | ||
| 1.5. The Link | 149 | ||
| 2. The Reform of the International Monetary System | 150 | ||
| 2.1. Concepts for Reformation | 150 | ||
| 2.2. Under Discussion: Commodity Reserve Currency | 151 | ||
| 2.2.1. Inventory Carrying Costs and Yields | 151 | ||
| 2.2.2. Economic Qualities of the Commodity Reserve | 152 | ||
| 2.2.3. Supporting Organizations of Commodity Inventories | 153 | ||
| 3. Agreements up to now | 154 | ||
| Chapter 10: The European Monetary System | 159 | ||
| 1. The Form and Organization of the EMS | 159 | ||
| 1.1. The Joint Currency Float and the Intervention Mechanism | 159 | ||
| 1.2. Extended Credit Facilities | 164 | ||
| 1.3. Long-term Aims of the EMS | 166 | ||
| 2. Effects in the EMS | 167 | ||
| 2.1. Potential Sources of Inflation | 167 | ||
| 2.2. Comparison with the Bretton Woods System | 169 | ||
| 2.3. Dangers of the Settlement Mechanism | 170 | ||
| 2.4. The Monetary Influences of Speculation | 172 | ||
| 3. A Preliminary Step | 174 | ||
| Index of Tables | 177 | ||
| Index of Names | 179 | ||
| Index of Subjects | 181 |