PART ONE FIRST PRINCIPLES 13
Chapter Ⅰ．INTER-COUNTY PAYMENTS 13
The Problem of External Liquidity 14
The Problem of External Disequilibrium 15
The Problem of the Transmission of Business Depressions 17
Conclusion 18
Chapter Ⅱ．EXCHANGE RATES 20
Chapter Ⅲ．INTERNATIONAL LIQUIDITY 32
The Means of International Settlement 32
Multilateral Settlement in Conditions of Equilibrium 36
Multilateral Settlement in Conditions of Disequilibrium 39
The Scope for International Co-operation 45
Chapter Ⅳ．INTERNATIONAL DISEQUILIBRIA 46
Devaluation in Favourable Circumstances 49
Devaluation in Unfavourable Circumstances 50
Factors Affecting the Elasticity of Demand for Exports 53
Summary and Conclusions 56
The Concept of＇Suppressed Disequilibrium 59
Chapter Ⅴ．THE INTERNATIONAL TRANSMISSION OF DEPRESSIONS 61
PART TWO MACHINERY OF INTERNATIONAL MONETARY CO-OPERATION 67
Chapter Ⅵ．THE INTERNATIONAL MONETARY FUND 67
The Objects of the Fund 68
Exchange Rates 70
Additional Liquidity 75
Multilateral Settlement 79
Chapter Ⅶ．THE INTERNATIONAL MONETARY FUND 83
Restrictions on Trade and Payments 83
The Treatment of Disequilibria 88
The International Transmission of Depressions 91
Conclusion 94
Chapter Ⅷ．EUROPEAN MONETARY CO-OPERATION 96
The Intra-European Payments Schemes 99
The European Payments Union—Liquidity Provisions 107
The E．P．U．—Correction of Disequilibria 118
Chapter Ⅸ．STERLING 120
Sterling under the Gold Standard 120
The Pre-war Sterling Area 122
War time 124
Post-war Changes 128
The Pathology of Sterling 141
PART THREE THE COURSE OF EVENTS SINCE THE WAR 149
Chapter Ⅹ．BEFORE SEPTEMBER 1949 149
Exchange Rates 149
The Causes of the Post-war Disequilibria 152
Suppressed and Open Disequilibria in the Postwar Period 157
International Settlements in the Post-war Period 159
The International Transmission of Depressions 163
Chapter Ⅺ．SEPTEMBER 1949 AND AFTER 166
READING LIST 175
INDEX 177