This chapter reviews developments in international monetary economics from the late 1960s through the early 1980s. It discusses that the “monetary approach to the balance of payments” was the economic determinants of the behavior of the balance of payments, especially, the theoretical...

This paper provides an analysis of the recent evolution of the U.S. current account external deficit in the context of the OECD Secretariat world model, INTERLINK. It seeks to assess to what extent developments in the U.S. current balance since 1980 might be viewed as being surprising, at least...