Global Investing: The Balance of Payments
Abstract
In Part IV we move away from the goods markets into the money markets. We examine how the profit maximization and mobility affect global prices of goods in terms of money, and how the alternative organizations of the monetary system impact the world and individual countries underlying inflation rates as well as the net flow of money across national borders. These determine the nominal exchange rate and balance of payments of the different economies. However, before we get into the discussion, it may be worthwhile to review the basic monetary assumptions made in developing our framework. We focus on the national and global monetary equilibrium under alternative monetary arrangements. ...
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