International Financial Integration: The Limits of by David T. Llewellyn

By David T. Llewellyn

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162- 71. 3 The Monetary Approach In the previous chapter the domestic monetary effects of the balance of payments were incorporated in the standard IS/ LM paradigm, and the twoway direction of causation between changes in the domestic money supply and the balance of payments was highlighted. In this extended model full macroeconomic equilibrium requires zero excess demand/supply of foreign exchange so that, with a fixed exchange rate, there are no continuing externally induced changes in the money supply, and the exchange rate is in equilibrium in the floating-rate case.

2 an infinitely elastic supply of arbitrage funds, with the forward rate determined at its parity level, is consistent with either a capital outflow OC (if the expected future spot rate is depreciated against the parity level of the forward rate), or capital inflow OB in the converse case. Thus while primacy may be afforded to arbitrageurs in determining the forward rate, the volume of capital flows is determined in this case uniquely by speculators who determine the volume of forward sterling or foreign currency to be absorbed by interest arbitrageurs.

K. (1972) 'Equilibrium, Quasi-Equilibrium and Macro-economic Policy', Quarterly Journal of Economics, pp. 162- 71. 3 The Monetary Approach In the previous chapter the domestic monetary effects of the balance of payments were incorporated in the standard IS/ LM paradigm, and the twoway direction of causation between changes in the domestic money supply and the balance of payments was highlighted. In this extended model full macroeconomic equilibrium requires zero excess demand/supply of foreign exchange so that, with a fixed exchange rate, there are no continuing externally induced changes in the money supply, and the exchange rate is in equilibrium in the floating-rate case.

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