The paper asks whether demand expansion by one country would benefit its trading partners, this idea being quot;international Keynesianism.quot; Provided the conditions for short-term quot;domestic Keynesianismquot; exist, the argument is valid when exchange rates are fixed. But with flexible...

The purpose of this paper is to analyze the argument that debt relief would increase the incentive of a debtor country to make an adjustment effort (to invest) and that for this reason creditors may benefit by granting relief. It is shown that there are actually opposing incentive effects of...

A common proposal designed to deal with the developing countries` debt problem is that there be set up some kind of quot;international debt facilityquot; which would buy up debt at a discount and then write down its contractual value, hence providing debt relief. There are three main parties to...

The paper deals with the two parts of the short-run adjustment problem in developing countries: the improvement of the current account and the reduction of inflation, the main cause in both cases being usually a fiscal deficit. It is shown how the two parts are related. Distinctions are made...

This paper expounds the concept of Dutch Disease as it applies currently to Australia, noting the various gains and losses resulting from the Australian mining boom. “Dutch Disease” refers to the adverse effects through real exchange rate appreciation that such a boom can have on various...

At the close of the Second World War, when industrialized nations faced serious trade and financial imbalances, delegates from forty-four countries met in Bretton Woods, New Hampshire, in order to reconstruct the international monetary system. In this volume, three generations of scholars and...