Table of Contents
Introduction
PART 1: BALANCE-OF-PAYMENTS THEORY AND POLICY
The Foreign Exchange Market
The Balance-of-Payments
Elasticity and Absorption Approaches to the Balance-of-Payments
Macroeconomic Policy in an Open Economy
The Monetary Approach to the Balance-of-Payments
PART 2: EXCHANGE-RATE DETERMINATION: THEORY, EVIDENCE AND POLICY
Purchasing Power Parity and Floating Exchange-Rate Experience
Monetary Models of Exchange-Rate Determination
The Portfolio Balance Model
Empirical Evidence on Exchange Rates
Fixed, Flexible and Managed Exchange Rates
PART 3: THE POSTWAR INTERNATIONAL MONETARY SYSTEM
The Postwar International Monetary System
The Eurocurrency and Eurobond Markets
Derivatives: Currency Futures, Options and Swaps
International Policy Co-ordination
International Debt
European Monetary Union and the European Monetary System
