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Causes of German PaymentsBalance Disequilibrium
MarketStructure Causal Elements
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abroad adjustment anticyclical assets autonomous balance of payments balance-of-payments basic billion DM Bundesbank President Bundestag capital exports capital market capital outflows capital-market central bank Chapter Council of Experts currency deficit demand deposits discussed disequilibrium domestic elements equilibrium Erhard European exchange rates exchange-rate factors Federal Republic fiscal floating foreign geopolitical Germany's goals growth Hahn income income effect incomes policy increased inflows interest rates interest-rate International Monetary Fund international payments international reserves investment J. M. Keynes Kampf labor liquidity effect long-term marginal measures ment Minister Schiller monetary authorities monetary base monetary integration monetary policy non-adjustment OECDS offset open-market overall parity payments balance payments surplus payments-balance percent period under review political President Blessing price stability problems rediscount reduce relative Republic of Germany reserve requirements revaluation rise Section short-term capital social speculative structure tactic tion trade Traktat undervaluation United upvaluation Verteidigung wage