Currencies and Crises

This Book Brings Together Paul Krugman's Work On International Monetary Econmics From The Late 1970s To The Present, In An Effort To Make Sense Of A Turbulent Period That, In Krugman's Words, Involved One Surprise After Another, Most Of Them Unpleasant. The Eleven Essays Cover Such Key Areas As The Role Of Exchange Rates In Balance-of-payments Adjustment Policy, The Role Of Speculation In The Functioning Of Exchange Rate Regimes, Third World Debt, And The Construction Of An International Monetary System. I. Exchange Rates And The Balance Of Payments -- 1. Adjustment In The World Economy -- 2. The J-curve, The Fire Sale And The Hard Landing -- 3. Differences In Income Elasticities And Trends In Real Exchange Rates -- Ii. Speculation And Exchange Rates -- 4. A Model Of Balance-of-payments Crises -- 5. Target Zones And Exchange Rate Dynamics -- 6. Speculative Attacks On Target Zones / Paul R. Krugman And Julio Rotemberg -- Iii. The Debt Crisis And Its Aftermath -- 7. Financing Versus Forgiving A Debt Overhang -- 8. Market-based Debt Reduction Schemes -- 9. Reducing Developing Country Debt -- Iv. The International Monetary System -- 10. The International Role Of The Dollar: Theory And Prospect -- 11. Policy Problems Of A Monetary Union. Paul R. Krugman. Includes Bibliographical References (p. [209]-213) And Index.