International Finance: Theory and Policy provides engaging, balanced coverage of the key concepts and practical applications of the discipline. An intuitive introduction to international finance theory is followed by detailed coverage of policy applications. With this new 12th Edition, the author team of Nobel Prize-winning economist Paul Krugman, renowned researcher Maurice Obstfeld, and Marc Melitz of Harvard University continues to set the standard for International Finance courses.
Features –
1. A unified model of open-economy macroeconomics that provides students with a cohesive approach to the theory, based on an asset-market approach to exchange rate determination with expectations in a central role.
2. A discussion of the international monetary experience stresses the idea that different exchange rate systems lead to different policy coordination problems.
3. An emphasis on the potential substitutability of international trade and international movements of factors of production, featuring an analysis of international borrowing and lending as intertemporal trade—the exchange of present consumption for future consumption.
About the Author -
Paul R. Krugman Graduate Center of the City University of New York
Maurice Obstfeld University of California, Berkeley
Marc J. Melitz Harvard University
Book Contents –
PART 1 – Exchange Rates and Open-Economy Macroeconomics -
1. Introduction, 2. National Income Accounting and the Balance of Payments, 3. Exchange Rates and the Foreign Exchange Market: An Asset Approach, 4. Money, Interest Rates, and Exchange Rates, 5. Price Levels and the Exchange Rate in the Long Run, 6. Output and the Exchange Rate in the Short Run, 7. Fixed Exchange Rates and Foreign Exchange Intervention,
PART 2 – International Macroeconomic Policy -
8. International Monetary Systems: A Historical Overview, 9. Financial Globalization: Opportunity and Crisis, 10. Optimum Currency Areas and the Euro, 11. Developing Countries: Growth, Crisis, and Reform,
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