Abstract
The supporters of the monetary approach to the balance of payments (MABP) claimed their allegiance to David Hume (1752), considered the author of the first complete formulation of the classical theory of the mechanism for the adjustment of the balance of payments based on the flows of money (gold).
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Suggested Further Reading
Branson, W.H., 1974, Stocks and Flows in International Monetary Analysis, in A. Ando, R. Herring and R. Marston (eds.), International Aspects of Stabilization Policies, Federal Reserve Bank of Boston Conference Series No. 12, 27–50.
Branson, W.H. and D.W. Henderson, 1985, The Specification and Influence of Asset Markets, in R.W. Jones and P.B. Kenen (eds.), Handbook of International Economics, Vol. II, Amsterdam: North-Holland, Chap. 15.
De Grauwe, P., 1983, Macroeconomic Theory for the Open Economy, Hampshire: Gower Publishing Co.
Frenkel, J.A. and H.G. Johnson (eds.), 1976, The Monetary Approach to the Balance of Payments, London: Allen and Unwin.
Gandolfo, G., 2002, International Finance and Open-Economy Macroeconomics, Berlin Heidelberg New York: Springer-Verlag, Chaps. 12, 13.
Hume, D., 1752, Of the Balance of Trade, in D. Hume, Political Discourses, Edinburgh. Reprinted in D. Hume, 1955, Writings on Economics, edited by E. Rotwein, London: Nelson, 60ff, and (partially) in R.N. Cooper (ed.), 1969, International Finance: Selected Readings, Harmondsworth: Penguin, 25–37.
McKinnon, R.I., 1969, Portfolio Balance and International Payments Adjustment, in R.A. Mundell and A.K. Swoboda (eds.), Monetary Problems of the International Economy, Chicago: Chicago University Press, 199–234.
McKinnon, R.I. and W. Oates, 1966, The Implications of International Economic Integration for Monetary, Fiscal and Exchange Rate Policy, Princeton Studies in International Finance No. 16, International Finance Section, Princeton University.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2004 Springer-Verlag Berlin Heidelberg
About this chapter
Cite this chapter
Gandolfo, G. (2004). The Monetary and Portfolio Approaches. In: Elements of International Economics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-07005-5_7
Download citation
DOI: https://doi.org/10.1007/978-3-662-07005-5_7
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-05935-3
Online ISBN: 978-3-662-07005-5
eBook Packages: Springer Book Archive