This paper investigates the role of exchange rates in balance of payments theories. It explores the sixteen approaches to the balance of payments, the concept o

This is a reprint of a previously published book. It consists of a series of papers by experts in the field on how the exchange rate volatility of the 1980s aff

The IMF's internal analysis of exchange rate issues has been guided by, and limited by, the conceptual and empirical frameworks that have emerged from the colle

The choice of assigning monetary or fiscal policy to external balance is complicated when the authorities are concerned with both the current account balance an