The doctrine in favor of the balance-of-payments is the worst illusory idea. Governmental interventions that seek to regulate international monetary flows to provide the necessary quantities of money for the economy are superfluous.
In all cases, the undesired outflow of money can only be the result of a governmental intervention that endows differently valued monies with the same legal purchasing power. Mises' 1919 paper on Balance of Payments and Exchange Rates proved to be influential in turning Austrian monetary policy away from the path of hyperinflation before it was too late.
Recorded May 1,1969. Special thanks to Bettina Bien Greaves for making this important recording available. Note that this recording ends abruptly. [1:16:55]