Serra antonio

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A late 16th century Neapolitan writer in the Mercantilist tradition. He was the first to analyse and fully understand the concept of balance of trade for both visible goods and invisible services and capital movements. He explained how the shortage of specie in the Neapolitan kingdom was due to balance of payments deficit. Using his findings he was able to reject the popular idea at the time that the scarcity in money was due to the exchange rate. The solution to the problem was found in the active encouragement of exports.