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- W2034852066 abstract "Mundell [S] demonstrated that the dynamic properties of an open economy depend upon the fixity of the exchange rate and the degree of capital mobility. However, his treatment of the demand for assets as representing a flow-instead of a stock-demand has come under sharp criticism (e.g., [2] ). In particular, it is argued that asset demands represent demands for stocks, whereas asset flows are transitory in that they represent attempts to equilibrate actual and desired asset holdings. Using a portfolio model, Mathieson [4]-in direct contrast to Mundell-found that a flexible exchange rate ensures a direct approach towards equilibrium, whereas the approach with a fixed rate can be cyclical or direct. Mathieson's results were based on a model1 incorporating the standard small country assumptions: (a) the country in question cannot alter income in the rest of the world; and (b) if there is capital mobility and there are no governmental restrictions, the small country cannot alter the world interest rate. This paper shows that both the static and dynamic properties of the McKinnonJones model (hence Mathieson's results) are not applicable to large countries. Large countries can produce large changes in the stocks of assets that determine the interest rate, thereby gaining control of their money supply. A H1xed exchange rate system is unambiguously stable in a two-country model, but flexible exchange rates may be unstable if residents of one country hold assets denominated in the currency unit of tlle other country." @default.
- W2034852066 created "2016-06-24" @default.
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- W2034852066 date "1977-08-01" @default.
- W2034852066 modified "2023-09-27" @default.
- W2034852066 title "Portfolio Balance and Exchange Rate Stability: Note" @default.
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- W2034852066 doi "https://doi.org/10.2307/1991969" @default.
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