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Both traditional and modern theories of exchange rate determination are described in this study, along with the effects of international monetary movements. Focusing on the links between nominal exchange rate determination and the effects on the real economy, including necessary stabilization policies, the text provides a stimulating introduction to international monetary economics. The author includes a substantial section extending the treatment of internal and external stabilization and adjustment policies to developing countries and transitional economies. He also analyzes the role of policy in industrialized nations and within monetary unions.