A Monetary View of the Balance of Payments

Abstract

In surveying the body of research dealing with the balance of payments, two major shortcomings are immediately apparent. First, there are no widely accepted theories of the balance of payments which simultaneously incorporate both the current and capital account. The great majority of models used in payments theory consider either the capital account or the current account separately. Second, there have been very few attempts to include even the fundamentals of portfolio choice theory in balance-of-payments models. This is particularly surprising in view of the essentially monetary nature of payments theory.

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