Recent Developments in International Finance: A Guide to Research
Title: Recent Developments in International Finance: A Guide to Research
Citation: Journal of Banking & Finance, 1997, 21, 11-dic, 1685-1720
This is a critical evaluation of the state of the art in International Finance. Several points of reference are selected: The Mundell-Fleming-Branson (MFP) paradigm, the monetary model with purchasing power parity (PPP) as a long run anchor, the representative agent approach and the natural real exchange rate (NATREX) model. Their strengths and weaknesses are identified from both a theoretical and empirical point of view. We conclude with a suggestion of what is a fruitful explanation of medium to longer run movements in the real exchange rate and the current account.
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