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Öğe Monetary basis of trade imbalance(2000) Lee, S.-D.; Sampson, J.C.The purpose of this paper is to lay simple yet elegant, formal microeconomic foundations for the theory that monetary policy is a principal determinant of international trade imbalance. Foreign exchange is a different form of real liquidity, not a perfect substitute for domestic currency. As a result, foreign money is traded as a commodity in exchange for consumption goods. If the monetary policies of two countries differ, a permanently unbalanced flow of goods may arise. Specifically, this paper argues that a high-inflation regime is likely to induce a perpetual trade deficit. © 2000 International Atlantic Economic Society.
