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Title: frustrating
Review: This book takes the time to explain easy concepts in great detail (sometimes rearranging mathematical equations in trivial ways), but it fell short in explaining the difficult concepts. For example, on p532, it appears that the balance of payments is always zero for every completed transaction just because of accounting convention and not because of economic equilibrium; this doesn't seem right. Also, it makes some assumptions that could use some more discussion (for example, on p493, it states that supply of foreign-currency-denominated deposits is not influenced by the exchange rate, but is that really true?)
