Balance-of-Payments Theory and the United Kingdom Experience

Contains a statement of the balance-of-payments accounting, and a critical appraisal of balance-of-payments adjustment theory. The book also features chapters on the capital account of the balance-of-payments and on the new theory of exchange rate determination (with discussion of the EMS). There is extensive and extended coverage of the UK's balance of payments position with chapters on the structural and non-price determinants of trade and the balance-of-payments as well as the link between de-industrialization and the balance-of-payments.