Pentti J. K. Kouri, The Exchange Rate and the Balance of Payments in the Short Run and in the Long Run: A Monetary Approach, The Scandinavian Journal of Economics, Vol. 78, No. 2, Proceedings of a Conference on Flexible Exchange Rates and Stabilization Policy (Jun., 1976), pp. 280-304
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Pentti J.K. Kouri (1976) studied this question.
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