000			01639 a2200193 4500
999			_c38348 _d38348
020			_a9781840649543
041			_aeng.
082			_a332.15201 _bMIL-B
100			_aMiller, Norman C. _eauthor.
245			_aBalance of Payments and Exchange Rate Theories / _cNorman C. Miller.
260			_aUK : _bEdward Elgar Publishing, _c2002.
300			_axiii, 204p.
504			_aIncludes bibliographical references and index.
520			_aNorman Miller provides a fresh perspective on balance of payments and exchange rate theories, including intertemporal open economy models that focus on the optimum current account. To this end, he proves that any non-zero balance of payments must always be associated with a disequilibrium in either a commodity or an asset market. In this rigorous yet readable book, important welfare and policy implications are carefully examined. Norman Miller develops a new theory of the balance of payments associated with commodity market disequilibrium, a loanable funds theory of exchange rate and a modern foreign exchange market theory of the exchange rate that incorporates capital flows. The book also details 15 puzzling facts associated with open economies and the FX market. After reviewing existing explanations to these puzzles, the author shows how each of the above new theories provides new, often unified solutions to them. International finance practitioners, students and scholars of economics and finance, and MBA students will all find this book fresh and enlightening.
546			_aEnglish.
650			_aBalance of payments.
650			_aForeign exchange rates.
942			_2ddc _cBK