The recycling problem is general, and is not confined to a multicurrency setting: whenever there are surplus and deficit units—that is, everywhere—adjustment in real terms can be either upward or downward. The question is, Which? An attempt is made to formulate the problem in terms of the...

The recycling problem is general, and is not confined to a multicurrency setting: whenever there are surplus and deficit units — that is, everywhere — adjustment in real terms can be either upward or downward. The question is, Which? An attempt is made to formulate the problem in terms of...