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This text provides an international treatment of the asset approach to the exchange rate and the current account of the balance of payments. It includes an analysis of macroeceonomic adjustments under fixed, floating and managed exchange rates and it compares the stabilization properties of each exchange rate regime in the case where economies are subjected to random shocks and price adjustments and are characterized by inertia. It also highlights the issues that arise from international co-ordination of policies and provides an examination of the empirical evidence on exchange rate economics.