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>A THEORETICAL AND EMPIRICAL COMPARISON OF THE TWO THEORIES OF INTERNATIONAL FINANCE: THE CASE OF THE FEDERAL REPUBLIC OF GERMANY (BALANCE OF PAYMENT, ALMON LAG, MONETARY APPROACH, FINANCIAL FLOWS, KEYNESIAN TRADE THEORY).
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A THEORETICAL AND EMPIRICAL COMPARISON OF THE TWO THEORIES OF INTERNATIONAL FINANCE: THE CASE OF THE FEDERAL REPUBLIC OF GERMANY (BALANCE OF PAYMENT, ALMON LAG, MONETARY APPROACH, FINANCIAL FLOWS, KEYNESIAN TRADE THEORY).
This study first compares the traditional and the monetary international financial theories theoretically. It, initially, reviews, and criticizes both of the above theories, by showing that neither theory is comprehensive, and consequently able to fully explain disturbances, or adjustments in the international accounts.; The study then proceeds by comparing the two international financial approaches and offers a way in which the two can become complementary rather than remain substitutionary. This it does by closely analyzing their assumptions, and indicating their fundamental points of contention. It argues that the disagreement is based on the two differing assumptions of general equilibrium, and the essentiality of the money market. It, furthermore, states that if by chance those two assumptions were made the same both approaches would result in the same conclusions.; The dissertation, secondly, compares the traditional, and the monetary views of international finance empirically by examining the international financial flows of the Federal Republic of Germany during the period 1972 to 1982.; In order to achieve this comparison the approach uses the Almon polynomial distributed lag method to determine the speed of adjustment of changes in the regressors upon the regressands which are the trade balance, and the money account. It discovers that the speed of adjustment of real variables equals that of nominal variables either in the same account or among the two accounts. The examination also finds that real or nominal independent variables do not dominate in the real, or nominal account respectively.; The argument of the thesis becomes that one should know the initial disturbances which jolt the real, and nominal independent variables to know what kind of variable will have the faster influence on the international accounts. The implication is that both of the existing approaches of international finance are useful in explaining the financial flows of the balance of payments, but each one explains better the account which it mainly purports to explain. The conclusion becomes that both theories of international finance should be incorporated in policies designed to explain or influence international financial movements.
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