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国际收支政策结构的应用机制

Balance of Payments Policies: The Structural Approach国际收支政策:结构的方法运用
The structural perspective结构的角度
The structuralist approach to the BOP has its roots in the protest by development economists inthe 1950s and 1960s against the uncritical application of neo-classical trade theory to LDCs. 国际收支平衡表的结构主义它起源于20世纪50年代和20世纪60年代,它是对最不发达国家的发展经济学家提出的新古典贸易理论的进行的抗议下产生的。
Itrepresented not only an alternative way of looking at the BOP within the context of LDCs, but itbecame associated with a broader opposition to neo-classical economics and the post-war monetarists.In more recent years, however, a ‘structural’ approach has been applied to developed countries and inparticular the UK, as both an implicit critique of both the traditional approach and the monetaristapproach to the BOP. The leading exponent of this school of thought in the context of DCs has beenThirlwall.Structuralists essentially believe that structural imbalances in the economy are the source of BOPproblems. These imbalances in turn arise from the fact that growth and development involve adiscontinuous process of structural change.http://ukthesiss.com/ibm
The structuralist adjustment mechanism“结构调整机制
In developed countries the problem might originate in an inability to shift resources away from goodswhich are no longer competitive internationally and into new goods for which the prospects appearmore promising. In this case it is the structural characteristics of goods on the supply side of themarket which is causing the imbalance rather than a lack of competitiveness relating to price factors.What makes these structural imbalances more important is the fact that price adjustment, includingvariations in the exchange rate, is weak and unable to eliminate the disequilibrium. In this sense boththe traditional and monetarist adjustment mechanisms are insufficient to cure BOP problems arisingfrom structural imbalances in the economy and their associated polices are ineffective. For example,devaluation or depreciation of the currency can only be a temporary panacea which makes countriesmore competitive in the short run in goods with a given set of characteristics which were the source ofthe BOP problem in the first place!Structuralists perceive a direct link between the BOP and domestic growth such that growth may beconstrained by the BOP. In the context of developed countries, the BOP constraint may arise in thefollowing way. The crux of the problem is that the country is trying to achieve internal balance and atthe same time to grow fast enough to compete with other developed countries. Unfortunately,supply bottlenecks occur in particular sectors which push the BOP into deficit and necessitate acontraction of domestic growth. The source of structural imbalance lies in the characteristics ofimports and exports.Structuralists pointed to two alternative problems. Firstly, if the country’s export goods may not havethe necessary characteristics to satisfy foreign demand, then the income elasticity of demand (theresponsiveness of demand to changes in income, EYDXUK) will be low and export receipts in thoseproducts will not grow fast over time. This underlying problem may not reflect a lack of price competitiveness so much as an inability to compete on non-price grounds. For example, the productsmay be inferior in quality, after-sales service may be poor and so on.Alternatively, the second source of the problem may be a high income elasticity of demand forimports (EYDMUK). This could be caused by a dependence on imports of raw materials and energysources such as oil, or because domestic consumers prefer foreign goods such as cars and consumerelectrical’s to similar goods produced domestically.


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