Introduction
The determinants of economic growth
Currency valuation, savings, and the current account
Measuring currency valuation
The yin and yang of investment
Is the real exchange rate endogenous?
Rashomon rules: US dollar, euro dollar?
Currency valuation and growth
Policy failures and growth miracles
Mercantilism and miracles
Institutions versus exchange rate policy
Currency undervaluation: a time-tested policy for growth
The economics of the yen and the renminbi
Changing times, changing views
Conclusion.