原文“it is patently obvious that periodic balance-of-payments crises will remain an integral feature of the international economic system as long as fixed exchange rates and rigid wage and price levels prevent the terms of trade from fulfilling a natural role in the adjustment process."
关键是粗体部分的意思。我的理解是:固定汇率、刚性工资和价格水平限制了贸易条件的变化来改善不平衡的BOP账户?
这里的price levels有特殊含义么?
最后固定汇率、刚性工资、价格水平是如何发挥作用的?
这是蒙代尔1961年论文"a theroy of optimum currency areas"