By H.Peter Gray

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Additional resources for An Aggregate Theory of International Payments Adjustment

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However, several aspects of the model need modification if it is to be developed into a useful analytic base for current operations. The primary shortcoming is, of course, the static, long-run equilibrium and full-employment characteristics of the model. Even though it did allow for capital flows, it was not able to incorporate the inevitable increase in the foreign balance as foreign ownership of assets and investment income increase over time. The 12 J. R. 117-35. 44 The Infrastructure model contains the seeds of its own destruction as long as foreign lending is positive.

843. The Debt to John Maynard Keynes 39 outside. In other words, we abjure the instruments of bank rate and credit contradiction operating through the increase of unemployment as a means of forcing our domestic economy into line with external factors. In the second half of the twentieth century the problems are quite different, but a description of the importance of Keynes' thinking and writing in the geneology of the aggregate theory of international payments adjustment transcends mere doctrinal interest.

External equilibrium or balance existed when no shipments of gold were taking place, therefore, when foreign lending equalled the foreign balance. Total equilibrium existed when home saving (total saving less foreign lending less gold imports) was equal to home investment in addition to external balance and, by definition, total investment was equal to total saving. International capital movements were deemed to depend upon relative interest rates at home and abroad - though equality of rates was not a precondition for no foreign lending - and the foreign balance was dependent, in any given situation, on the relative prices of goods and services that entered into international trade.

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