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Preface and Acknowledgements Preface to the Second Edition Introduction PART I: THEORY An Open-Economy Macroeconomic Model Trade Functions and Capital Movements Balance of Payments Theory Theories of Exchange-Rate Determination PART II: POLICY Stabilisation Policy in an Open Economy Exchange-Rate Management and Policy Global Macroeconomic Management PART III: APPLICATIONS Explaining Global Macroeconomic Events Britain’s Entry into and Exit from Europe’s Exchange Rate Mechanism 1990-92 and the Subsequent Pursuit of EMU Macroeconomic Policy and the Internationals Monetary Fund Notes and References Further Reading Index