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The Monetary Approach to the Balance of Payments (Collected Works of Harry Johnson) by Harry G. Johnson, Jacob A. Frenkel

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5

A Dynamic Analysis of the Balance of Payments in a Model of Accumulation1

JACOB A. FRENKEL

1   INTRODUCTION

Traditionally, the theory of international economics has been divided into the real sector on the one hand and the monetary sector on the other. This somewhat artificial dichotomy has led to the development of theories in which the monetary and the real sectors of the economy have not been sufficiently integrated.

This chapter attempts to develop a theory of the secular evolution of the balance of payments which integrates the monetary and the real sectors in both production and consumption. Special attention is given to the influence of the real growth of the economy on the monetary behaviour underlying balance-of-payments developments. ...

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