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When Robert Z. Aliber's The International Money Game first appeared in 1973, it was widely acclaimed as the best - and the most entertaining - introduction to the arcane mysteries of international finance. The 7th edition of this classic work has been fully re-written to recognize the immense changes in the global economy in the last thirty five years. There have been four waves of financial crises; each wave has involved the failures of banks and other financial institutions in three, four, or more countries. Each wave of crises has been preceded by a wave of credit bubbles, which has inv

Introduction-- R.Aliber Summary of Papers-- G.Zoega Privatisation and Deregulation: A Chronology of Events-- T.Olaf Sigurjonsson PART I: INTERNATIONAL ORGANIZATIONS AND THE CENTRAL BANK OF ICELAND International Monetary Fund, Article IV Consultations 2004-2008 OECD Policy Brief 2008 Central Bank of Iceland, Financial Stability Reports 2005-8 PART II: OTHER PAPERS AND REPORTS Fitch Report, February 2006 Iceland's Geyser Crisis-- L.Christiansen Financial Stability in Iceland-- F.Mishkin & T.T.Herbertsson The Internationalization of Iceland's Financial Sector-- F.M.Baldursson & R.Portes The Collapse of Iceland's Banks: the Predictable End of a Non-viable Business Model-- W.Buiter & A.Sibert Iceland on the Brink?-- D.Gros Events in Iceland: Skating on Thin Ice-- T.Gylfason A Spending Spree-- G.Zoega Monetary Turbulence and the Icelandic Economy-- R.Z.Aliber PART III: LESSONS FOR OTHER COUNTRIES Overbanked and Undersized: Lessons from Iceland-- A.Sibert

The International Money Game has been fully rewritten to take account of changes in the world economy. It provides a comprehensive overview of international financial developments, including both the structure of payments arrangements and the series of credit and asset bubbles as well as financial crises.

The decade of the 1970s was one of turbulence in international monetary arrangements - the exchange rates fluctuated through a wide range, national price levels more than doubled fueled partly by several oil price shocks, and the external debts of the developing countries increased from $120 billion to.