Includes index.

Contents: The Foreign exchange market and the balance of payments -- The Foreign exchange market -- The Balance of payments -- Supply and demand for foreign exchange and domestic currency -- Commodity trade and the foreign exchange market: the partial equilibrium model -- The Flexible-exchange-rate system: I. equilibrium and stability in the spot market -- The Flexible-exchange-rate system: II. simultaneous equilibrium in the spot and forward markets -- The Fixed-exchange-rate system: I. the gold standard -- The Fixed-exchange-rate system: II. the adjustable peg -- Price and income effects and policies for internal and external balance: A Basic model -- The Income adjustment mechanism -- The Flexible-exchange rate and the theory of employment -- The Transfer problem -- Conflicts between internal and external balance, and Meade's reconciliation -- Direct controls -- Money and capital movements: The Gold standard.I. the classical approach -- The Gold standard: II. the Keynesian approach approach -- Monetary and fiscal policies for internal and external balance: I. a single open economy -- Monetary and fiscal policies for internal and external balance: II. a two-century model -- The Nature of balance-of -payments disequilibrium -- Mathematical appendix. first-order linear ordinary differential equations with constant coefficients.