This interpretation of the Canadian experience extends the monetary approach to balance-of-payments adjustment that realizes the full implications of international capital mobility.do. The proportion of U.K. assets in the mix of assets that British residents are trying to sell will thus be greater than the ... If British and foreign securities were perfect substitutes, gold would flow in without a change in interest rates. There are reasons to expect that, in fact. Bank of England policy should have had little observable effect on interest-rate differentials, even if British and foreign assets were notanbsp;...
|Title||:||Canada and the Gold Standard|
|Author||:||Trevor J. O. Dick, John E. Floyd|
|Publisher||:||Cambridge University Press - 1992-04-24|