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Balance-of-Payments and Exchange-Rate Determination Elasticities Approach and Absorption Approach INTERNATIONAL MONETARY AND FINANCIAL ECONOMICS Third Edition Joseph P. Daniels David D. VanHoose Copyright ? South-Western, a division of Thomson Learning. All rights reserved. * Overview of the Elasticities Approach The elasticities approach emphasizes price changes as a determinant of a nation’s balance of payments and exchange rate. The elasticities approach is helpful in understanding the different outcomes that might arise from the short to long run. * Traditional Approaches Traditional approaches to balance-of-payments and exchange-rate determination assume that capital flows occur only to finance real-sector transactions. Hence, the quantity of foreign exchange demanded and the quantity of foreign exchange supplied depend only on international transactions of goods and services. * The Demand for and Supply of Foreign Exchange The demand for a nation’s currency is dependent upon foreign residents’ demand for its exports, that is, it depends on foreign residents’ desire to obtain the domestic currency to facilitate their purchases of the domestic country’s exports. The supply of a nation’s currency is dependent upon (among other things) domestic residents’ demand for imports, that is, when a nation’s residents import, they supply the domestic currency as payment. * U.S Import Demand and the Demand for the Euro The left-hand panel illustrates an import demand curve for the United States as combinations of the quantities of champagne demanded at various prices. The right-hand panel illustrates the corresponding demand for foreign exchange as combinations of the quantities of foreign exchange demanded at various exchange rates. * Review of Elasticity Price Elasticity of Demand is a measure of the responsiveness of quantity demanded to a change in price. If quantity demanded is highly responsive to a change in price, then demand is said to be relatively elastic
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