This volume investigates the theoretical and empirical validity of the monetary approach to balance-of-payments adjustment under varying exchange rate regimes. The authors, D. Sykes Wilford and Bluford H. Putnam, compile a rigorous selection of academic research to evaluate how money supply and demand dynamics dictate international capital flows and price levels. By synthesizing these perspectives, the text provides a framework for understanding how domestic monetary policy influences a nation's external economic position.

Experts identify this anthology as a specialized resource for students and practitioners of international macroeconomics. Readers frequently note the technical density of the prose, which assumes a foundational understanding of monetary theory.