The foreign exchange market -- Balance of payments and national accounts -- The role of the exchange rate in the adjustment process in a partial equilibrium framework -- The role of income changes in the adjustment process -- The absorption approach and interactions between exchange rate and income in the adjustment process -- Money and other assets in the adjustment process under fixed exchange rates -- Money and other assets in the adjustment process under flexible exchange rates -- International capital movements and other problems -- The exchange rate -- The theory of monetary integration and the European Monetary System -- Problems of the international monetary system -- The problem of integration between the pure theory of international trade and international monetary economics.