By H.Peter Gray
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Additional info for An Aggregate Theory of International Payments Adjustment
It will be useful to distinguish between the values of variables that represent the full achievement of domestic targets and those that are affected by the existence of quasi-adjustments. An asterisk is used to denote fully-achieved targets and the indicators that correspond to those targets. Thus, C~ indicates the value of the competitive ratio needed to achieve balanced trade in the absence of any policy measure by the government of the focus country and when trading partner nations are also achieving their goals.
Thus, the basic macroeconomic model in The Treatise was internationalised. There were three international flows that were incorporated into the model: gold exports and imports, 'Foreign Lending' and the 'Foreign 9 This is essentially the point made by M. June Flanders in 'International Liquidity is Always Inadequate', Kyklos, XXII (Facs. 3, 1969) pp. 519-28. 10 Milton Friedman, 'Discussion', in The International Adjustment Mechanism (Boston: The Federal Reserve Bank of Boston, 1970) p. 109, notes that monetarists are almost invariably in favour of exchange-rate flexibility.
7 8 The Debt to John Maynard Keynes 41 allows the system to adjust in favour of spenders and borrowers. Just as Keynes's solution for internal balance during the depression called for fiscal policy and therefore for financing, his international programme in the thirties and in the post-war era also called for an entity with tremendous financing powers. But financing was not likely to provide an enduring answer to the problem of international payments because of the difference in the milieu between closed and international economies.
An Aggregate Theory of International Payments Adjustment by H.Peter Gray