The World Transfer Problem. Capital Flows And The Adjustment Of Payments

Abstract: Large And Prolonged Capital Movements Across The World Economy Raise A Number Of Issues Which, At Least In A Medium-Term Perspective, Revive Interest In The Study Of Flows Equilibrium Of World Payments Wherease Contemporary Research Concentrates On Long-Run Stock Equilibria. This Paper Adress The "Transfer Problem", I.E. Whether Movements Of Capitals And Goods From Excess Demand Economies To Excess-Supply Economies Are Correlated In Such A Way That World Flow Equilibrium Is Ensured