Cyclical Movements in the Balance of Payments

This book was first published in 1951. It is a statistical survey of the balance of payments data of different types of country in the period 192438 to show the pattern of cyclical behaviour particular to each type of country and to suggest in the light of the Keynesian theory of employment a possible explanation for the general nature of the equilibrating process in the balance of payments. Five types of country are classified and a representative country taken for each class: highly industrialised and deficient (Great Britain); highly industrialised and self-sufficient (USA); less industrialised (Sweden); purely agricultural (Australia); mining (Chile). In addition the Canadian balance of payments is studied because of its peculiar features.