What does the Marshall-Lerner condition look like if the country whose real exchange rate changes does not

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What does the Marshall-Lerner condition look like if the country whose real exchange rate changes does not start out with a current account of zero?


Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...
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International Economics Theory and Policy

ISBN: 978-0273754206

9th Edition

Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz

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