GRAHAM BIRD is Professor of Economics at the University of Surrey, UK, and Director of the Surrey Centre for International Economic Studies. He is Visiting Professor of International Economic Affairs at the Fletcher School of Law and Diplomacy, Tufts University, USA. He has been an adviser to a number of international organizations including the World Bank, UNDP and UNICEF. He is the author or editor of more than twenty books and monographs and over 150 papers.

• IntroductionPART ONE: THEORYAn Open Economy Macroeconomic ModelTrade Functions and Capital MovementsBalance of Payments TheoryTheories of Exchange Rate DeterminationTheories of Currency CrisisPART TWO: POLICYBalance of Payments PolicyStabilisation Policy in an Open EconomyExchange Rate Management and PolicyDealing with International Capital VolatilityThe International Co-ordination of Macroeconomic PolicyPART THREE: APPLICATIONSThe Oil Crisis of the 1970s and the Debt Crisis of the 1980sMonetary Integration in Europe: the UK and the EuroCurrency and Economic Crises in Emerging EconomiesThe US Current Account Deficit and Global Economic ImbalancesThe International Monetary Fund and Macroeconomic PolicyNotesIndex.