Lecture Two: The Accounting Framework and Extensions

M. L. Burstein
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M. L. Burstein: York University

Chapter 2 in Open-Economy Monetary Economics, 1989, pp 17-41 from Palgrave Macmillan

Abstract: Abstract The foreign-exchange nexus is much more ambiguous in innovated than in conventional settings. For example, on an innovated financial network foreign-exchange-rate changes may not have trade effects: the controlling value standard may be tabular; or the standard of value may be based on an ECU-like measure. (Under a tabular standard, the accounting unit is based on tiny fragments of many goods, perhaps including foreign currencies. A debt valued at one new pound is then discharged by tender of, say, British currency exchanging for a unit quantum of the complex imaginary substance.)

Keywords: Interest Rate; Capital Inflow; Foreign Asset; Asset Market; Trade Deficit (search for similar items in EconPapers)
Date: 1989
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DOI: 10.1007/978-1-349-10963-0_2

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