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1、CHAPTER20INTERNATIONALADJUSTMENTANDINTERDEPENDENCEChapterOutline·Adjustmentunderfixedexchangerates·Expenditure-switchingandexpenditure-reducingpolicies·TheMexicanpesocrisis·TheJ-curveeffect·Hysteresiseffects·ThemonetaryapproachandtheIMF·Adjustmentund
2、erflexibleexchangerates·Exchangerateovershooting·Purchasingpowerparity·Interestdifferentialsandspeculativecapitalflows·Foreignexchangemarketintervention·Spillover(interdependence)effects·Targetzones,currencyboards,anddollarizationChangesfromthePrevio
3、usEditionThematerialinthischapterhasbeenupdated,especiallysometablesandfigures,butitsbasicorganizationhasnotchanged.IntroductiontotheMaterialInthischapter,thediscussionofissuesofinternationalinterdependencethatwasintroducedinChapter12,istakenupagaina
4、ndextendedbytakingintoaccounttheinteractionofpricesandexchangerates.Mechanismsthroughwhichacountrycanadjusttoabalanceofpaymentsproblemarediscussedunderfixedandaflexibleexchangeratesystems.Particularemphasisisgiventointerestratelinkages,tradeflows,and
5、theinterdependenceamongcountries.Sincetheshort-runresultsdevelopedinChapter12(inwhichthepricelevelwasassumedtobeconstant)remainlargelyvalid,agoodunderstandingofthematerialinthatchapterwillbeofgreathelpinthecomprehensionofthetopicsdiscussedhere.Inaclo
6、sedeconomy,pricechangesaffectrealmoneybalances,whichinturnaffectinterestratesandthusprivateinvestmentandaggregatedemand.However,inanopeneconomy,pricechangesalsoaffectthecompetitivenessofdomesticgoodsonworldmarkets.This,inturn,affectsnetexports,whichi
7、salsoapartofaggregatedemand.Inbothcasestheeconomywillultimatelyadjusttothefull-employmentlevelofoutput.Theadjustmentprocessinanopeneconomywithflexiblepricesisonlyslightlymorecomplicated.Althoughcurrencyexchangeratesamongmanymajorcountrieshavebeenflex
8、ibleforaboutthreedecades,anin-depthdiscussionoftheadjustmentmechanismunderafixedexchangerate452systemisstillbeneficial.Forone,itprovidesagoodbasisforthesubsequentexaminationofissuesrelatingtoaflexibleexchangeratesystem.Inaddition,fixedexchangeratesst
