This volume provides a new interpretation of the operation and macroeconomic repercussions of the international monetary system during the interwar years. Each of the eleven essays is explicitly concerned with the role of exchange rates in macroeconomic fluctuations from the American and European perspective. The final essay examines the interwar experience from a long-term perspective.

‘ … new, impressive, and illuminating collection of essays from Professor Eichengreen … His method of argument is rigorous and detached; and the algebra is happily not allowed to overwhelm the sense.’

Douglas Jay Source: Financial Times

‘This elegant and useful book belongs on the shelf of all serious students of twentieth-century monetary and financial history.’

Source: Journal of Interdisciplinary History

‘This book is well written … No other modern work covers this subject. A student with some knowledge of international finance could follow the argument even without the mathematical and statistical background required to evaluate the models that summarize the basic argument of each chapter.’

Source: Choice