Download e-book for kindle: Canada and the Gold Standard: Balance of Payments Adjustment by Trevor J. O. Dick,John E. Floyd

By Trevor J. O. Dick,John E. Floyd

ISBN-10: 0521404088

ISBN-13: 9780521404082

ISBN-10: 0521617065

ISBN-13: 9780521617062

during this second look of Canada's balance-of-payments adventure lower than the most effective, the authors strengthen and empirically try a brand new portfolio method of the mechanism of balance-of-payments adjustment. This adjustment mechanism replied to large inflows of overseas capital in the course of a severe interval of Canada's fiscal development within the early years of the 20 th century. The authors exhibit that the life of overseas mobility of capital calls for a primary revision of the price-specie-flow conception that has regularly been used to provide an explanation for adjustment while the stability of funds used to be extra approximately ruled through the stability of exchange. The procedure taken by way of Professors Dick and Floyd not just solutions the critics of Jacob Viner, who first explored the Canadian case after 1900, but in addition deals a brand new point of view on how the most effective more often than not really labored. This new interpretation of the Canadian adventure is an extension of the financial method of balance-of-payments adjustment that realizes the whole implications of overseas capital mobility. Interest-rate differentials don't force capital flows, yet in its place replicate possibility rates set through the trade of imperfectly substitutable securities of alternative international locations in world-asset markets. alterations in family relative to overseas fee degrees equalibrate markets for items, yet to any fastened exchange-rate process whilst capital is across the world mobile.

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Canada and the Gold Standard: Balance of Payments Adjustment under Fixed Exchange Rates, 1871–1913 (Studies in Macroeconomic History) by Trevor J. O. Dick,John E. Floyd


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