Subtitle:

Książka = Book ; KS/1/1977/R02P01

Publisher:

Instytut Badań Systemowych. Polska Akademia Nauk ; Systems Research Institute. Polish Academy of Sciences

Place of publishing:

Warszawa

Description:

[4], 163-174 stron ; 21 cm ; Bibliografia s. [0-0]

Type of object:

Książka/Rozdział

Abstract:

The dominant theory of balance of payments adjustment (known as the Tinbergen-Mundell approach) has recently become the object of serious criticism. Mundell's strategy to reconcile "interna! and external balance" by means of a targets-instruments analysis suffers from important limitations. It cannot maximize any relevant welfare function and it may result destabilizing for the economy even when instruments are appropriately paired with the objectives on which they have the most influence. Hence Williamson's proposal to submit the balance of payments adjustment to the prescriptions derived from the application of control theory. This approach consists in an intertemporal maximization of a social welfare function, subject to the constraints imposed by the working of an open economy. Appropriate values of proximate targets are derived as a by-product of intertemporal optimization. The present paper illustrates a simple model of an open economy with an application of the maximum principle to a social welfare function. The model is a variant of Williamson's analysis and allows the assessment of interesting economic theorems. The analysis focuses on steady-states solutions. The discussion of the implications and limitations of this kind of approach closes the paper.

Relation:

Książka = Book

Detailed Resource Type:

Książka

Resource Identifier:

oai:rcin.org.pl:198243

Source:

KS-1977-01-R02P01

Language:

eng

Language of abstract:

eng

Rights:

Licencja Creative Commons Uznanie autorstwa 4.0

Terms of use:

Zasób chroniony prawem autorskim. [CC BY 4.0 Międzynarodowe] Korzystanie dozwolone zgodnie z licencją Creative Commons Uznanie autorstwa 4.0, której pełne postanowienia dostępne są pod adresem: ; -

Digitizing institution:

Instytut Badań Systemowych Polskiej Akademii Nauk

Original in:

Biblioteka Instytutu Badań Systemowych PAN

Projects co-financed by:

Program Operacyjny Polska Cyfrowa, lata 2014-2020, Działanie 2.3 : Cyfrowa dostępność i użyteczność sektora publicznego; środki z Europejskiego Funduszu Rozwoju Regionalnego oraz współfinansowania krajowego z budżetu państwa

Access:

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