Table of contents

  1. Front Matter
    Pages i-xxviii
  2. Balance-of-Payments Theory and Policy

    1. Front Matter
      Pages 1-1
    2. Keith Pilbeam
      Pages 3-30
    3. Keith Pilbeam
      Pages 31-55
    4. Keith Pilbeam
      Pages 75-104
  3. Exchange-Rate Determination: Theory, Evidence and Policy

    1. Front Matter
      Pages 135-135
    2. Keith Pilbeam
      Pages 185-211
    3. Keith Pilbeam
      Pages 213-248
    4. Keith Pilbeam
      Pages 249-274
  4. The Postwar International Monetary System

    1. Front Matter
      Pages 275-275
    2. Keith Pilbeam
      Pages 277-310
    3. Keith Pilbeam
      Pages 311-334
    4. Keith Pilbeam
      Pages 397-432

About this book


This is the second edition of the internationally renowned textbook for undergraduate and MBA students in international finance, international monetary economics and international economics. It provides a comprehensive coverage of both traditional and modern theories relating to the balance of payments and exchange rate determination. Similarities and differences between the major theories are highlighted, and each theory is followed by a critical appraisal which examines its contribution, limitations and real-world relevance. An evaluation of the empirical evidence on the theories discussed is a major feature of the book.

This edition is fully revised and updated with new material covering derivative instruments such as swaps, options and futures, as well as updated coverage of the Euromoney and Eurobond markets.


European Monetary Union exchange rates international economics international finance monetary union

Authors and affiliations

  1. 1.City UniversityLondonUK

About the authors

KEITH PILBEAM lectures in International Finance at City University, London. A Graduate of Leeds University he has undertaken postgraduate studies at the College of Europe in Bruges, where he also became a teaching assistant. He obtained his Ph.D. from the European University Institute in Florence and has been employed at the National Westminster Bank and the Royal Bank of Scotland. He is a consultant to the Foreign Office and a number of academic and city financial institutions. He is the author of two other books, Exchange Rate Management: Theory and Evidence and Finance and Financial Markets, both published by Macmillan.

Bibliographic information

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