External deficits and the dollar : the pit and the pendulum /Ralph C. Bryant, Gerald Holtham, Peter Hooper, editors

Ralph C. Bryant, Gerald Holtham, Peter Hooper

The large external deficit in the U.S. balance of payments and the exchange value of the U.S. dollar have become central issues of public concern and economic policy. Unfortunately, the increased concern has not led to an increase in clear thinking. Confusion is widespread about the reasons for the swelling of the external deficit. Is increased foreign protectionism a significant cause? Are structural changes in the U.S. or foreign economies a cause? And uncertainty is rife about the prospects for the future. Is the external deficit bound to increase, or will it eventually be eliminated by the depreciation of the dollar that began in the spring of 1985? Will the dollar have to depreciate future? What policy actions, if any, should the United Sates and foreign governments take to deal with the situation? External Deficits and the Dollar, containing papers and research materials...

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