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Hardcover | Out of Print | 240 pp. | 6 x 8.8 in | June 1992 | ISBN: 9780262111652
Paperback | $35.00 X | £27.95 | 240 pp. | 6 x 8.8 in | February 1995 | ISBN: 9780262611091
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Currencies and Crises


Paul Krugman's first collection of essays, Rethinking International Trade, mounted a spirited assault on established trade theory and proposed an alternative approach to account for increasing returns and imperfect competition. Less theoretical and more embedded in real-world experience, this new collection revolves around Krugman's work on international monetary economics from the late 1970s to the present in an effort to make sense of a turbulent period that "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. They are unified by the same basic methodology and style the construction of a small theoretical model in order to simplify or clarify a puzzling or difficult world monetary problem.

Paul R. Krugman is Professor of Economics at the Massachusetts Institute of Technology and a member of the Group of Thirty.

About the Author

Paul Krugman is Professor of Economics and International Affairs at Princeton University and a New York Times columnist. He was awarded the Nobel Prize for Economics in 2008.


“The papers included in this collection reveal the breadth of Krugman's work in international monetary economics. . . . [This] is a book that anyone interested in international monetary economics can refer to repeatedly in the course of his or her career. As such, it ought not to gather dust on any bookshelf.”
Andreas Savides, The Journal of Economics