ISSN:0004-9018    

DOI:10.1111/j.1467-8462.1990.tb00355.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

AbstractThis article sets out the analytical framework of the ‘new’ approach to the balance of payments under the conditions of ‘international financial laissez faire’ characterised by financial deregulation, floating exchange rates, and high international capital mobility. It is argued that much of the reasoning underlying the new approach derives from the modus operandi of regional payments systems. The fundamental differences between the benchmark model of regional financing and the current international financial laissez faire are explored, and the extent to which the presence of exchange risk may interfere with the ‘optimal’ debt/borrowing processes posited by the new approach is discussed. The possibility of a transfer problem arising from Australia's rapid accumulation of short‐term foreign debt is considered.While developments in international banking, together with the liberalisation and globalisation of world securities markets, have considerably narrowed the differences between the new global financial environment and regional payments systems, the conclusion of the article is that there are substantial externalities in the international case which are intrinsic to the debt/borrowing process and which are likely to remain a source of continued p

ISSN:0004-9018    

DOI:10.1111/j.1467-8462.1990.tb00356.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

AbstractThe argument that once the public sector ceases to be a net borrower levels of external debt should cease to be a policy concern, overlooks two key points. First, private savings behaviour may be distorted due to government intervention, leading to excessive drawing on overseas savings. Second, given this, a potential externality exists to justify government intervention to prevent overseas borrowing reaching the point where a financial crisis and loss of confidence occur, leading to a recession or an extended period of stagnation, or both. The Australian situation fits this scenario.

ISSN:0004-9018    

DOI:10.1111/j.1467-8462.1990.tb00357.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

ISSN:0004-9018    

DOI:10.1111/j.1467-8462.1990.tb00358.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

ISSN:0004-9018    

DOI:10.1111/j.1467-8462.1990.tb00359.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

ISSN:0004-9018    

DOI:10.1111/j.1467-8462.1990.tb00360.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

ISSN:0004-9018    

DOI:10.1111/j.1467-8462.1990.tb00361.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

ISSN:0004-9018    

DOI:10.1111/j.1467-8462.1990.tb00362.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

ISSN:0004-9018    

DOI:10.1111/j.1467-8462.1990.tb00363.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

ISSN:0004-9018    

DOI:10.1111/j.1467-8462.1990.tb00364.x

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY