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Example text

K. balance-of-payments accounts this is tantamount to saying that when the foreign-exchange market is in equilibrium the balance for official financing will be zero, and thus there will be balance-ofpayments equilibrium. K. Experience anything, to do with the state of the real economy. An equilibrium exchange rate in a free market may coincide with balance-of-payments equilibrium in one sense but not in another . Changes in the balance of payments which affect people's real living standards are changes in the current balance and this may move into disequilibrium as the exchange market moves towards equilibrium.

M"')M x +(~- x s ) d '\ m where d m is the domestic demand elasticity, and sm is the domestic supply elasticity . The smaller the amount imported relative to total domestic demand, the higher Em will be relative to d m . Only if there is no domestic supply will the elasticity of demand for imports equal the domestic demand elasticity for the commodity. For noncompetitive imports the demand curve will depend on the good's own characteristics and the structural relationships that exist between domestic output and necessary inputs that must be imported .

Taking the current account of the balance of payments we can show how the curves can be derived from the supply and demand curves for imports and exports. For illustrative purposes we take the dollar ($ ) as the foreign currency and consider the supply and demand for dollars in relation to the sterling (£) price of dollars. In working out what happens when a change in the exchange rate takes place it matters whether the analysis is carried out measuring the effects in the home currency (sterling) or in the foreign currency .

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