By H.Peter Gray
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Additional info for An Aggregate Theory of International Payments Adjustment
Thus for each nation the totality of data-effects can be expected to introduce a shift in the TT schedule in each period except in the happy, but improbable, case in which data-effects cancel each other out. For each succeeding period the value of CT needed to achieve payments balance can be expected to change. Depending upon the magnitude 3S It may be argued that since the eventual removal of a quasi-adjustment is socially desirable, the quasi-adjustments should consist of measures which provoke public antipathy since these will be the more quickly revoked when the trade balance permits.
Attempts by the monetary authorities to maintain external balance by changing the bank rate would inevitably react back on the rate of home investment. The costs of adjustment were seen to depend upon the relative sensitivities of the functional relationships and the possibility of effecting an increase in the foreign balance by a lowering of the domestic price level was seen as a painful process. The cost of adjustment was seen to vary substantially not only with the 'sign' of the disturbance but also with the source of the disturbance - the current or the capital account.
306-19. Note particularly the conceptualisation of the Interest Equalisation Tax on page 315. Hereinafter this work will be referred to simply as The Treatise and page references will refer to the original (1930) edition rather than to the recent edition in the Collected Writings. These concerns with national autonomy found their ultimate expression in Article VI of The Articles of Agreement of the International Monetary Fund which condoned control of capital transfers provided that the controls did not interfere with payments for current transactions.
An Aggregate Theory of International Payments Adjustment by H.Peter Gray