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Serra, Antonio

A Neapolitan writer in the mercantilist tradition, who was the first to analyse and fu1ly use the concept of the balance of trade, both visible and invisible. He explained how the shortage of precious metals in the Neapolitan kingdom was a res ult of a deficit on the balance of payments. In so doing, he rejected the idea, current at the time, that the scarcity of money was due to the unfavourable exchange rate. The solution was to be found in the encouragement of exports.

Reference: The Penguin Dictionary of Economics, 3rd edt.