The Marshall-Lerner Condition: Stability of an Equilibrium or a System?
This article examines the Marshall-Lerner (ML) condition from a broader perspective. Mundell (1968) regarded ML as the stability condition of the equilibrium, but not of the system. The violation of the ML condition by Japan's estimates is interpreted as a possible symptom of a negative exchang...
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| Format: | Article |
| Language: | English |
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Elsevier
2024-07-01
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| Series: | Asia and the Global Economy |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S266711152400015X |
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