PREFACE
The evolution of the international monetary system into the regime of flexible exchange rates (or more precisely a regime of managed float) has stimulated a renewed interest in the economics of exchange rates. The renewed interest has led to new developments in the economic theory and the empirical analysis of exchange rates. This book contains a series of studies dealing with the modern approach to the analysis of exchange-rate determination as well as with the various characteristics of the foreign-exchange market.
The main theme of the modern view of exchange-rate determination emphasizes that the exchange rate, being a relative price of two national monies, is determined primarily by the relative supplies and demands for these monies. ...
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