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The Accounting Framework of Certain Balance of Payments Theories: A Didactic Note
Balance of payments theory is endowed with several schools of thought each approaching the problem from a slightly different angle. To most professional economist this multiplicity is a source of strength, each school highlighting certain problems and largely ignoring others, but to many students it is, in my experience, a source of confusion. This note, pedagogical in intent, seeks not to draw fresh parallels between the various schools but to place them all within a single accounting framework so that their similarities and differences are readily apparent. The model used for this purpose is perhaps overly simple but it does, I believe, capture the essential features and it is amenable to expansion and adaptation to illustrate particular points. Above all I have, for several years, found it a useful vehicle for illustrating the common ground in the various approaches to the theory of the balance of payments.
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- Published
Journal
Journal of Economic StudiesISSN
0144-3585Publisher
Emerald GroupExternal DOI
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1Volume
5Page range
31-36Pages
6.0Department affiliated with
- Economics Publications
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- No
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- Yes
Legacy Posted Date
2012-02-06Usage metrics
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