Explore the essentials of open-economy macroeconomics with “International Finance: Theory and Policy, 12th Edition.” Authored by Nobel laureate Paul Krugman, Maurice Obstfeld, and Marc Melitz, this seminal textbook offers a balanced and engaging exploration of international finance theory and its real-world policy applications. The 12th edition introduces a unified model of open-economy macroeconomics, emphasizing an asset-market approach to exchange rate determination and the crucial role of expectations. Delve into the international monetary experience, understanding how different exchange rate systems impact policy coordination. This edition also highlights the interplay between international trade and factor movements, analyzing international borrowing and lending as intertemporal trade. Perfect for students and professionals seeking a comprehensive understanding of global financial systems.