Preface to the fifth edition
Publishers' acknowledgements

1. Introduction

PART 1: THE INTERNATIONAL SETTING

2. Prices in the open economy: purchasing power parity

3. Financial markets in the open economy

4.Open economy macroeconomics

PART 2: EXCHANGE RATE DETERMINATION

5. Flexible prices: the monetary model

6. Fixed prices: the Mundell-Fleming model

7. Sticky prices: the Dornbush model

8. Portfolio balance and the current account

9. Currency substitution

10. General equilibrium models

11. Optimum currency areas and monetary union

PART 3: A WORLD OF UNCERTAINTY

12. Market efficiency and rational expectations

13. The 'news' model and exchange rate volatility

14. Microstructure models

15. The risk premium

PART 4: FIXED EXCHANGE RATES

16. A certain uncertainty: non-linearity, cycles and chaos

17. Target zones

18. Crises and credibility

PART 5: CONCLUSIONS

19. Conclusions

Appendix: list of symbols

Bibliography

Index