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Volume :13 Issue : 3 1985      Add To Cart                                                                    Download

BALANCE OF PAYMENTS AND WORLOINFLATION

Auther : Adnan Abbas Ali

The articles gives general view of the essential hypotheses of the monetary approach to the balance of payments, which was the result of the endeavours of those economists who disapproved the traditional analysis.

These economists rightly criticized that the traditional analysis does not consider the international-price-connection and ignores the role of monetary factors in world inflation.

Core of the new analysis is the opinion that the variations in money supply in a relatively small country will primarily affect the result of the balance of payments, and not the national rate of its inflation, as believed by the Friedman-school.

Proceeding from this consideration the article also represents the scope of a theory of a world inflation with the result that the variations in the international balance of payment are determined not by the rates of inflation of the individual countries but by the variations in the international money supply.

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