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By David T. Llewellyn

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Extra info for International Financial Integration: The Limits of Sovereignty

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There is no incentive for capital to flow between the two countries when the two sides of the equation are equal, which is when sterling's forward discount is exactly equal to the interest-rate differential in favour of London. At this point the forward exchange rate is said to be at interest parity. e. when the forward discount/premium equals the interest-rate differential between relevant currency assets. At this rate there is no incentive for arbitrage capital flows. In a situation where the spot and forward exchange rates are not held constant by the monetary authorities, and both the domestic and foreign interest rates adjust under the impact of international capital flows, all four prices adjust to any exogenous disturbance to an initial equilibrium.

Louis Review, Apr 1975. Kouri, P. (1976) 'The Exchange Rate and the Balance of Payments in the Short and Long Run: A Monetary Approach', Scandinavian Journal of Economics, May 1976. Kreinin, M. , and Officer, L. H. (1978) The Monetary Approach to the Balance of Payments, Princeton Studies in International Finance, No. 43, Princeton University Press. , and Heller, H. R. (eds) (1977) Monetary Approach to the Balance of Payments (Washington: IMF). Various (1976) Scandinavian Journal of Economics, May 1976.

12 There is no net change in the volume of financial assets when the budget deficit equals the current account deficit, as the former increases net wealth while the latter drains financial assets from domestic residents. This becomes the equilibrium condition and, with a fixed exchange rate, the government 26 INTERNATIONAL FINANCIAL INTEGRATION expenditure multiplier becomes (_1_), m+w where m is the marginal propensity to import. This must necessarily be smaller than the closed-economy multiplier.

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