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² This theory has taken its most sophisticated form in the monetary approach to the balance of payments; however, as Frenkel and Johnson note, its roots can be traced to the writings of Gervaise and Hume. See Frenkel, Jacob A. and Johnson, H. G. “The Monetary Approach to the Balance of Payments: Essential Concepts and Historical Origins” in The Monetary Approach to the Balance of Payments, Frenkel, J. A. and Johnson, H. G., eds. (Toronto, 1976).Google Scholar

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