Contains a statement of the balance-of-payments accounting, and a critical appraisal of balance-of-payments adjustment theory. The book also features chapters on the capital account of the balance-of-payments and on the new theory of exchange rate determination (with discussion of the EMS). There is extensive and extended coverage of the UK's balance of payments position with chapters on the structural and non-price determinants of trade and the balance-of-payments as well as the link between de-industrialization and the balance-of-payments.;Other books by A.P.Thirlwall include "Regional Growth and Unemployment in the United Kingdom", "Keynes and Laissez-Faire" and "Inflation, Saving and Growth in Developing Countries". Heather Gibson is the author of "The Eurocurrency, Domestic Financial Policy and International Instability" and "Economic Integration and Financial Liberalisation: Prospects for Southern Europe".