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Introduction - PART 1: BALANCE-OF-PAYMENTS THEORY AND POLICY - TheForeign Exchange Market - The Balance of Payments - Elasticity and AbsorptionApproaches to the Balance of Payments - Macroeconomic Policy in an OpenEconomy - The Monetary Approach to the Balance of Payments - PART 2:EXCHANGE-RATE DETERMINATION: THEORY, EVIDENCE AND POLICY - Purchasing PowerParity and Floating Exchange-Rate Experience - Monetary Models ofExchange-Rate Determination - The Portfolio Balance Model - EmpiricalEvidence on Exchange Rates - Fixed, Flexible and Managed Exchange Rates -PART 3: THE POST-WAR INTERNATIONAL MONETARY SYSTEM - The Post-WarInternational Monetary System - The Eurocurrency and Eurobond Markets -Derivatives: Currency Futures, Options and Swaps - International PolicyCoordination - International Debt - European Monetary Union and the EuropeanMonetary System