Includes index.

Contents: Keeping up with a changing world: trade, capital and the balance of payments -- The market of foreign exchange -- Exchange-rate systems, past and present -- The forward currency market and the international financial arbitrage -- Interest yields, interest-rate risk, and derivative securities -- International banking, central banks, and supranational financial policymaking institutions -- The international financial architecture and emerging economies -- Traditional approaches to balance-of-payments and exchange -rate determination -- Monetary and porfolio approaches to balance-of-payments and exchange -rate determination -- An open economy framework -- Economic policy with fixed exchange rates -- Economic policy with floating exchange rates -- -- The price level, real output and economic policymaking -- omestic econmic policymaking in a global economy -- Policy coordination, monetary union, and target zones --