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Diversified Currency Holdings and Flexible Exchange Rates

Quarterly Journal of Economics 1973 87(1), 96
I. The model, 97. — II. The equations of change: Free currency interflow and the “Rybczynski” effect, 99. — III. Comparative statics and comparative systems, 104. — IV. Concluding remarks, 107. — Appendix: The case of perfect mobility of capital, 109.