This collection investigates the mechanics of foreign exchange rate determination and the functional characteristics of global currency markets. Authors Harry G. Johnson and Jacob A. Frenkel, both prominent figures in international monetary economics, utilize their extensive academic backgrounds to present the 'asset-market approach' to exchange rate analysis. By synthesizing theoretical frameworks with empirical observations, the authors provide a structured methodology for understanding how currency values fluctuate in a flexible exchange rate system.

Experts recognize this volume as a foundational text for understanding the shift toward modern monetary approaches in international finance. Readers frequently note that while the prose is concise, it requires a solid grasp of fundamental economic principles to fully appreciate the technical arguments presented.