n determinants. Hicksian stability and dynamic stability mesh together under appropriate conditions of gross substitutes, gross complements, and symmetry, a common link being sign symmetry; and sign symmetry of the inverse of the basic Hicksian matrix is sufficient for at least one of the Le Châtelier conditions to hold (DeltaDeltaii,jj - DeltaiiDeltajj < 0 if Deltaij and Deltaji, have the same sign).
21 A further implication of the Hicks conditions was called to my attention by Daniel McFadden, who had proved, in a paper presented at the 1963 Econometrica Society meetings in Boston, Massachusetts, that if the Hicks conditions of perfect stability are satisfied, a stable dynamic system of the form can always be found for a diagonal K matrix with positive diagonal coefficients; the result also holds in the global form. Prior to McFadden's result, and unknown to him, a local version of the theorem had been published; see Fisher and Fuller .
In the context of the currency problem discussed above, the theorem means that if the Hicks conditions are satisfied, it is always possible to find a stable dynamic system in which exchange rates are adjusted to " own " balances of payments only.
 W. J. FELLNER et al., Maintaining and Restoring Balance in International Payments. Princeton, N.J.: Princeton University Press, 1966.
 M. E. FISHER and A. T. FULLER, " On the Stabilization of Matrices and the Convergence of Linear Iterative Processes," Proc. Cambridge Phil. Soc., 54 (1958).
 J. R. HICKS, Value and Capital. 2nd ed. Fair Lawn, N.J.: Oxford University Press, 1946.
 O. LANGE, Price Flexibility and Full Employment. Bloomington: Indiana University Press, 1944, p. 92.
 L. A. METZLER, "Stability of Multiple Markets: The Hicks Conditions," Econometrica, 13, 277-292 (Oct. 1945).
 R. A. MUNDELL, "The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability," IMF Staff Papers, 9, 70-79 (March 1962).
 R. A. MUNDELL, "Growth, Stability and Inflationary Finance," Jour. Pol. Econ.. 73. 97-100 (April 1965).
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