简介
目录
CHAPTER 1
The Foreign Exchange Market 3
Opening Case
The Rise(and Fall) of the Japanese Yen 3
Introduction 4
The Functions of the Foreign Exchange Market 5
CurrencyConversion 5
Insuringagainst Foreign Exchange Risk 6
Management Focus
Volkswagen’s Hedging Strategy 8
The Nature of the Foreign Exchange Market 9
Economic Theories of Exchange Rate Determination 10
Prices andExchange Rates 11
Country Focus
Quantitative Easing, Inflation, and the U.S. Dollar 15
InterestRates and Exchange Rates 16
InvestorPsychology and Bandwagon Effects 17
Summary ofExchange Rate Theories 18
Exchange Rate Forecasting 18
TheEfficient Market School 18
TheInefficient Market School 19
Approachesto Forecasting 19
Currency Convertibility 20
Implications for Managers 21
Management Focus
Dealing with the Rising Euro 23
Chapter Summary 25
Critical Thinking and Discussion Questions 25
Research Task 26
Closing Case
Billabong 26
Endnotes 28
CHAPTER 2
The International MonetarySystem 31
Opening Case
Iceland’s EconomicRecovery 31
Introduction 32
The Gold Standard 33
Mechanics of the Gold Standard 33
Strength of the Gold Standard 33
The Period between the Wars: 1918–1939 34
The Bretton Woods System 34
The Role of the IMF 35
The Role of the World Bank 36
The Collapse of the FixedExchange Rate System 36
The Floating Exchange Rate Regime37
The Jamaica Agreement 38
Exchange Rates since 1973 38
Country Focus
The U.S. Dollar, Oil Prices,and Recycling
Petrodollars 41
Fixed versus Floating ExchangeRates 41
The Case for Floating Exchange Rates 42
The Case for Fixed Exchange Rates 43
Who Is Right? 44
Exchange Rate Regimes inPractice 44
Pegged Exchange Rates 44
Currency Boards 45
Crisis Management by the IMF46
Financial Crises in the Post–Bretton WoodsEra 46
Country Focus
The Mexican Currency Crisis of1995 47
Evaluating the IMF’s Policy Prescriptions 48
Implications for Managers 51
ManagementFocus
Airbus and the Euro 52
Chapter Summary 53
Critical Thinking andDiscussion Questions 54
Research Task 55
Closing Case
Currency Trouble inMalawi 55
Endnotes 56
CHAPTER 3
The Global Capital Market 59
Opening Case
Declining Cross-BorderCapital Flows:
Retreat or Reset? 59
Introduction 60
Benefits of the Global CapitalMarket 60
Functions of a Generic Capital Market 61
Attractions of the Global Capital Market 61
ManagementFocus
Deutsche Telekom Taps theGlobal Capital
Market 63
Growth of the Global Capital Market 66
Global Capital Market Risks 68
Country Focus
Did the Global Capital MarketsFail Mexico? 69
The Eurocurrency Market 70
Genesis and Growth of the Market 70
Attractions of the Eurocurrency Market 71
Drawbacks of the Eurocurrency Market 72
The Global Bond Market 72
Attractions of the Eurobond Market 73
The Global Equity Market 73
Foreign Exchange Risk and theCost of Capital 75
Implications for Managers 75
Chapter Summary 76
Critical Thinking andDiscussion
Questions 77
Research Task 77
Closing Case
Industrial andCommercial Bank
of China 77
Endnotes 78
CHAPTER 4
Accounting and Finance in theInternational Business 81
Opening Case
Tax Strategy at Google 81
Introduction 82
National Differences inAccounting Standards 83
International AccountingStandards 84
ManagementFocus
Chinese Accounting 85
Accounting Aspects of ControlSystems 86
Exchange Rate Changes and Control Systems 87
Transfer Pricing and Control Systems 88
Separation of Subsidiary and Manager Performance 89
Financial Management: TheInvestment Decision 89
Capital Budgeting 89
Project and Parent Cash Flows 90
Adjusting for Political and Economic Risk 90
ManagementFocus
Black Sea Oil and Gas Ltd. 91
Risk and Capital Budgeting 92
Financial Management: TheFinancing Decision 93
Financial Management: GlobalMoney Management 93
Minimizing Cash Balances 93
Reducing Transaction Costs 95
Managing the Tax Burden 96
Moving Money across Borders 97
Chapter Summary 101
Critical Thinking andDiscussion Questions 102
Research Task 102
Closing Case
Microsoft’s Acquisitionof Skype 103
Endnotes 104
Cases
South Korean CurrencyCrisis 106
Russian Ruble Crisisand Its Aftermath 107
Caterpillar: Competingin a World of Fluctuating
Currencies 109
Glossary 111
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