European Monetary System -- Summary -- Concepts for Review -- Questions for Discussion -- Part Three: Equilibrium and the Adjustment Process -- 8. External Disequilibrium and Current Account Adjustment -- The Elasticities Approach -- The Income Approach -- The Absorption Approach -- Summary -- Concepts for Review -- Questions for Discussion -- 9. Internal and External Equilibrium -- Internal Equilibrium in a Closed Economy -- Internal and External Equilibrium in an Open Economy -- Summary -- Concepts for Review -- Questions for Discussion -- 10. Internal and External Equilibrium with Fixed Exchange Rates -- Economic Disturbances and Joint Disequilibrium -- Stabilisation Policies and the Establishment ofJoint Equilibrium -- Economic Disturbances and Imperfect Capital Mobility -- Economic Disturbances and Perfect Capital Mobility -- Qualifications -- Summary -- Appendix: Price-induced LM Curve Shifts -- Questions for Discussion -- 11. Internal and External Equilibrium with Floating Exchange Rates -- Economic Disturbances and Imperfect Capital Mobility -- Economic Disturbances and Perfect Capital Mobility -- Qualifications -- Summary -- Appendix: Price-induced LM Curve Shifts -- Questions for Discussion -- 12. The Monetary Approach to External Equilibrium -- Characteristics -- Adjustment with Fixed Exchange Rates -- Adjustment with Floating Exchange Rates -- Monetary and Non-monetary Approaches Contrasted -- Qualifications -- Summary -- Questions for Discussion -- Part Four: The Post-war International Financial System -- 13. Post-war Issues and Developments -- Post-war Reconstruction and the IMF -- The Dollar Surplus -- The Gold Crisis -- The Dollar Crises -- The Oil Crises -- The International Debt Crisis -- Summary -- Questions for Discussion -- 14. The Euro-currency Markets -- Characteristics -- The Creation of Euro-currency Deposits