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1、InternationalEconomicsTenthEditionThePriceAdjustmentMechanismwithFlexibleandFixedExchangeRatesDominickSalvatoreJohnWiley&Sons,Inc.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.CHAPTERSIXTEEN16Inthischapter:IntroductionAdjustmentwithFle
2、xibleExchangeRatesEffectofExchangeRateChangesonDomesticPricesandtheTermsofTradeStabilityofForeignExchangeMarketsElasticitiesintheRealWorldAdjustmentUndertheGoldSystemSalvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.IntroductionAssumptions
3、Internationalprivatecapitalflowstakeplaceonlyaspassiveresponsestocovertemporarytradeimbalances.Thenationwantstocorrectadeficitinitscurrentaccountbyexchangeratechanges.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.AdjustmentwithFlexible
4、ExchangeRatesPriceadjustmentmechanismreliesondepreciationanddevaluationofcurrencytoadjustcurrentaccountandbalanceofpayments.Incomeadjustmentmechanismreliesonincomechangesinthenationandabroadtomaketheadjustments.Elasticityofthedemandandsupplycurveswilldeterm
5、ineeffectivenessofadjustmentmechanisms.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.FIGURE16-1Balance-of-PaymentsAdjustmentswithExchangeRateChanges.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.FIGURE16-2Derivati
6、onoftheU.S.DemandandSupplyCurvesforForeignExchange.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.EffectofExchangeRateChangesonDomesticPricesandtheTermsofSaleThegreaterthedevaluationordepreciationofthedollar,thegreateritsinflationaryimp
7、act,andthelessfeasibleistheincreaseoftheexchangerateforcorrectingbalanceofpaymentsdeficits.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&Sons,Inc.EffectofExchangeRateChangesonDomesticPricesandtheTermsofSaleDepreciationofthecurrencyincreasespric
8、esofbothexportsandimportsintermsofdomesticcurrency.Termsoftradecanrise,fallorremainunchanged,dependingontherelativemagnitudeofthepricechanges.Salvatore:InternationalEconomics,10thEdition©2010JohnWiley&
