ABSTRACT

This general introduction to the theory of money and of balance of payments adjustment was originally published in 1969. It was the first book to pay full attention to the theory of assets: the relation of the supply of assets to the demand for holding them and the significance of asset movements for balance of payments adjustment. Written in simple language and with brevity, the book is intended for the student with a general knowledge of economics and economic institutions, but with no specialised knowledge of these topics.

chapter 1|11 pages

The functions of money

chapter 3|14 pages

The creation of money

chapter 4|10 pages

The preference for money

chapter 5|18 pages

Excess demand and excess supply

chapter 6|7 pages

Money and the price level

part |2 pages

Part B The Balance of Payments

chapter 7|11 pages

The national and international accounts

chapter 8|19 pages

The problem of the balance of payments

chapter 9|12 pages

Sources of imbalance—shifts in demand

chapter 10|8 pages

Sources of imbalance—cost disparities

chapter 12|9 pages

Payments balance and economic policy

chapter 13|16 pages

Exchange rate readjustment

chapter 14|10 pages

The role of international cooperation