CONTENTS 1
18．Foreing Exchange Risks 1
19．Forecasting and Monitoring Foreign ExchangeRates 9
20．Covering Operations 17
21．Hedging or Speculation 27
22．Swap Transactions and Swap Agreements 35
23．Exchange Rate Protectionism 45
24．The Development of Export Credit 53
25．Forfaiting 65
26．International Liquidity 72
27．What of Gold？ 83
28．What of SDRs？ 93
29．Euromarket Recycling of OPEC Surpluses 106
30．The International Bond Market（1） 119
31．The International Bond Market（2） 127
32．The Quarrel over Floating Exchange Rates 135
33．The Reform Options（1） 145
34．The Reform Options（2） 153