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By Ziegler A.

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Intervention by the state was regarded as desirable to sustain the trade surplus. Hume’s (1752) exposition of the ‘specie flow mechanism’ showed that attempts to sustain trade balance surpluses would be defeated because the accumulation and decumulation of specie itself would tend to eliminate trade surpluses and deficits in a world without international capital flows. Adam Smith and David Ricardo, through their elucidation of the bases for the gains from domestic and international trade and specialisation, are credited with refuting the mercantilist balance of trade doctrine.

On this basis, a better than normal harvest would produce a rise in consumption of a smaller amount than the increase in income and so a trade surplus. Further, these fluctuations in supplies will cause movements in relative prices not allowed for in the specie flow structure. 8). Related to this issue is the neglect of international flows of financial capital which enable countries to invest more or less than saving for substantial periods of time. 3. The elasticities approach Early approaches stressed the role of trade elasticities in the response of the trade balance and current account to changing circumstances.

EXCHANGE RATE DETERMINATION Traditionally, balance of payments and exchange rate issues have been thought to be closely related. One such view held that when it is free to find its equilibrium level the exchange rate is determined by the balance of payments. Closer attention to the determinants of exchange rates since floating became widespread in the 1970s, has led to questioning of such views. The level of the nominal exchange rate must be influenced by the absolute prices which feature in the definition of the real exchange rate and the factors which influence this relative price.

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