Simultaneous Internal and External Balance

Anthony Thirlwall and Heather Gibson

Chapter 8 in Balance-of-Payments Theory and the United Kingdom Experience, 1992, pp 203-218 from Palgrave Macmillan

Abstract: Abstract The achievement of simultaneous internal and external balance is the prime task of macroeconomic policy in most countries. In some countries there may not be a conflict between the achievement of internal balance and balance-of-payments equilibrium. Circumstances may be such that the goals of full employment and a satisfactory growth rate can be achieved without a balance-of-payments deficit emerging. In many countries, however, the potential conflict between internal and external balance, which was discussed in Chapter 4, materialises frequently. In the United Kingdom the conflict between balance-of-payments equilibrium and faster growth has been acute since the Second World War, and in recent years the achievement of full employment has also become problematical.

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Current Account; Fiscal Policy (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-21806-6_8

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