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Redundancy problem
In international Finance, Redundancy problem, also known as n-1 problem, is a problem of inequality of the number of instruments and the number of targets at international level, suggested by Robert Mundell in .〔 This problem doesn't occur at one-country level.〔.〕
Here we suppose the number of countries in the world is ''n''. Because this world is closed, one country's surplus must be equal to another's deficit, and vice versa. Thus the sum of all countries' net payments position must be zero. Therefore if ''n'' − 1 countries out of ''n'' countries have determined their balances of payments, that of ''n'' th country is determined automatically.〔.〕 This fact implies that, if all of the ''n'' counties have payments objectives, only ''n'' − 1 countries can achieve the payments objectives. In other words, all of the payments objectives can not be achieved simultaneously.
Similarly, if there are ''n'' currencies in the world, only ''n'' − 1 exchange rates can be independent relative prices because the exchange rate is a price of one money relative to another.〔 This fact implies that the degree of freedom for independence is given to only one country (as to the United States under the dollar standard).
==References==
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抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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