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Exchange rates have been subject to dazzling fluctuations since the end of the Bretton Woods system in the early 1970s, forcing international economists to re-think exchange rate theory and international monetary economics. The result has been a bewildering array of theories and models seeking to explain the erratic behaviour of exchange rates.

In A Guide to International Monetary Economics, Hans Visser presents an authoritative overview of exchange rate systems and exchange rate theories, grouping the various theories according to the time period for which their explanation is relevant. As well as showing how exchange rates are determined in different models and how these models relate to one another, Hans Visser explains which models are relevant to the various exchange rate systems available to policy makers. Particular attention is paid to dependent economy models. The author also looks at exchange rate policy and monetary unions and his colleague Willem Smits explains the Exchange Rate Mechanism of the European Monetary System.

This authoritative and accessible text book emphasizes the economic reasoning behind formulas while introducing students to the mathematics which will enable them to pursue further reading. The Guide will be particularly well received by advanced students wishing to develop their understanding of international monetary economics and by professional economists seeking to refresh their knowledge of exchange rate theories.