The foreign exchange market -- The balance of payments -- Elasticity and absorption approaches to the balance of payments -- Macroeconomic policy in an open economy -- The monetary approach to the balance of payments -- Purchasing power parity and floating exchange-rate experience -- Monetary models of exchange-rate determination -- The portfolio balance model -- Empirical evidence on exchange rates -- Fixed, flexible and managed exchange rates -- The international monetary system -- The Eurocurrency and Eurobond markets -- Currency derivatives : futures, options and swaps -- International policy coordination -- International debt -- The European Monetary system and European Moneatary Union

1. Foreign exchange administration
2. Capital movements
3. International finance