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International Finance: an analytical approach

Author: Moosa, Imad A. Publisher: McGraw-Hill, 1999.Language: EnglishDescription: 630 p. : Ill. ; 24 cm.ISBN: 0074704982Type of document: Book Bibliography/Index:
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Asia Campus
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Print HG3881 .M66 1999
(Browse shelf)
900094776
Available 900094776
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International finance List of Tables List of Figures List of Examples List of Symbols List of Mathematical Operators and Notation List of Abbreviations List of IOS Codes of Selected Currencies Preface The Organisation of This Book ix xii xvi XX xxviii xxix xxxi xxxiii xxxviii 1.1 The Importance of International Finance 1.2 International Finance and the Role of the Financial Manager 1.3 Indicators of the Internationalisation of Finance 1.4 Post-War Economic, Financial and Institutional Developments 1.5 Summary Review Questions Case Study 1: The Business Effects of Free Trade 2. The Foreign Exchange Market 2.1 Definition and Characteristics 2.2 Market Participants 2.3 Traded Currencies 2.4 The Spot Exchange Rate 2.5 The Forward Exchange Rate 2.6 The Aus~ralianDollar Foreign Exchange Market 2.7 Summary Review Questions Problems Case Study 2: Cross Exchange Rates Appendix 2.1: More Foreign Exchange Jargon Appendix 2.2: Types of Trading Orders 3. The Balance of Payments and the Effective Exchange Rate 3.1 3.2 3.3 3.4 3.5 3.6 3.7 Definition of the Balance of Payments Structure of the Balance of Payments Australian Balance of Payments Statistics The Balance of Payments and the Foreign Exchange Market Factors Affecting the Balance of Payments Position The Real Effective Exchange Rate Summary Review Questions Problems Case Study 3: The Effect of Devaluation on the Balance of Payments 4. Exchange Rate Determination: T h e Partial Supply and Demand Model 4.1 Some Stylised Facts 4.2 Factors Affecting the Supply and Demand for Foreign Exchange 4.3 Arbitrage in the Spot Foreign Exchange Market 4.4 Speculation in the Spot Foreign Exchange Market 4.5 Determination of the Bid-Offer Spread 4.6 Determination of the Forward Spread: The Naive Model 4.7 Central Bank Intervention 4.8 Factors Mecring the Australian Dollar Exchange Rates 4.7 Summary Review Questions Problems Case Study 4: Reading Foreign Exchange Reports in the Financial Press 5. T h e International Monetary System and Exchange Rate Arrangements 5.1 Definition and Criteria of Classification 5.2 Flexibility of Exchange Rates as a Criterion for Classification 5.3 The Classical Gold Standard 5.4 The Interwar Period 5.5 The Bretton Woods System 5.6 The Present System 5.7 The European Moneta~y System 5.8 The Australian Dollar Exchange Rate Arrangements 5.9 Fixed Versus Flexible Exchange Rates 5.10 The Future of the International Monetary System 5.11 Summary Review Questions Case Study 5: Was the Kuwaiti Currency Devalued in 1986? 6 Currency Futures and Swaps 6 1 Currency Futures: Definition and Specification 6 2 Futures and the Problematic Properties of Forward Contracts 6.3 Currency Futures Trading Information 6.4 A Comparison of Forward and Futures Markets 6.5 Currency and Interest Rate Swaps 6.6 Swap Terminology 6 7 Summary Review Questions Problems Case Study 6: Using Currency Swaps 7. Currency Options 7.1 7.2 7.3 7.4 7.5 7.6 7.7 The Basic Concepts Currency Options Trading Information Diagrammatic Representation of the Payoff Other Option Positions Pricing Currency Options Exotic Options Summary Review Questions Problems Case Study 7: Exotic Options 8. The Eurocurrency Market and International Banking 8.1 The Eurocurrency Market 8.2 Eurocurrencies and Eurocurrency Banking Centres 8.3 Some Features of Eurobanking 8.4 The Evolution and Growth of the Eurocurrency Market 8.5 Interest Rate Determination in the Eurocurrency Market 8.6 Determination of the Bid-Offer Spread in the Eurocurrency Deposit Rates 8.7 International Banking 8.8 International Banking Activities 8.9 The Organisational Setup of International Banking 8.10 Summary Review Questions Case Study 8: Dealing in the Eurocurrency Market 9. Purchasing Power Parity 9.1 Introduction 9.2 The Law of One Price 9.3 Absolute PPP 9.4 Relative PPP 9.5 Ex Ante PPP 9.6 Multilateral PPP 9.7 Empirical Testing of PPP 9.8 PPP as a Trading Rule 9.9 Summary Review Questions Problems Case Study 9: PPP as an Input in International Business Decision-Making 10. Covered Interest Parity Introduction The CIP Equilibrium Condition The Effect of Arbitrage The CIP Condition with Bid-Offer Spreads Covered Arbitrage and the Consistency of Cross Forward Rates Empirical Testing of CIP The Role of Speculation Summary Review Questions Problems Case Study 10: Detecting Covered Interest Arbitrage Opportunities 10.1 10.2 10.3 10.4 0.5 10.6 10.7 10.8 11. Market Efficiency, Uncovered Interest Parity and Real Interest Parity 11.1 11.2 11.3 11.4 11.5 11.6 11.7 11.8 11.9 11.10 I I. I I The Concept of Market Efficiency Spot, Forward and Cross-Sectional Efficiency Market Efficiency, Trading Rules and Technical Analysis Uncovered Interest Parity Direct Derivation of the UIP Condition The Effect of Uncovered Arbitrage The UIP Condition with Bid-Offer Spreads Empirical Testing of UIP Real Interest Parity: The Concept of Real Interest Rate Deriving the RIP Condition Summary Review Questions Problems Case Study 11: Detecting Uncovered Arbitrage Opportunities 12. The Monetary Model of Exchange Rate Determination The Basic Flexible Price Monetary Model 'The Role of Interest Rate in the Monetary Model Modifications of the Basic Monetary Model The Sticky Price Monetary Model The Real Interest Differential Model Other Extensions and Modifications Currency Substitution Empirical Evidence and Implications Summary Review Questions Case Study 12: The Dilemma of Foreign Exchange Dealers 12.1 12.2 12.3 12.4 12.5 12.6 12.7 12.8 12.9 13. Exchange Rate Forecasting 13.1 13.2 13.3 13.4 Introduction Why D o We Need Exchange Rate Forecasting? Econometric Forecasting Models '19ime Series Forecasting Models 13.5 Technical Analysis and Forecasting 13.6 Composite Forecasting 13.7 Judgmental Forecasting 13.8 Forecasting Performancc Evaluation 13.9 Empirical Evidence 13.10 Summary Review Questions Problems Case Study 13: Why the US Dollar Frustrated Forecasters in the 1980s 14. Foreign Exchange Risk and Exposure Definition of Risk Definition of Exposure Volatility of the Australian Dollar Exchange Rates Transaction Exposure Economic Exposure Translation Exposure Value at Risk Summary Review Questions Problems Case Study 14: Foreign Exchange Exposure Foreign Exchange Risk Management 14.1 14.2 14.3 14.4 14.5 14.6 14.7 14.8 Why Worry about Foreign Exchange Risk? Managing Short-Term Transaction Exposure Managing Long-Term Transaction Exposure Other Techniques of Managing Transaction Exposure Managing Economic Exposure Managing Translation Exposure Summary Review Questions Problems Case Study 15: Managing Transaction Exposure 15.1 15.2 15.3 15.4 15.5 15.6 15.7 1 International Short-Term Financing 6 16.I 16.2 163 16.4 165 166 16.7 168 Internal versus Extcrnal Financing Why Foreign Currency Financing? The Effective Financing Rate The Effective Financing Rate with Rid-Offer Spreads Implications of International Parity Conditions The Probability Distribution of the Effective Financing Rate Financing with a Portfolio of Currencies Summary Review Questions Problems Case Study 16: Selecting Currencies for Short-Term Financing 17. International Short-Term Investment and Cash Management Definition of International Short-Term Investment The Effective Rate of Return The Effective Rate of Return with Bid-Offer Spreads Implications of International Parity Conditions The Probability Distribution of the Effective Rate of Return Investing in a Portfolio of Currencies Centralised Versus Decentralised Cash Management Summary Review Questions Problems Case Study 17: Selecting Currencies for Short-Term Investment 17.1 17.2 17.3 17.4 17.5 17.6 17.7 17.8 18. International Long-Term Financing International Bank Loan Financing International Bond Financing International Equity Financing Other Sources of Financing Summary Review Questions Case Study 18: Issuing Bonds Denominated in Exotic Currencies 18.1 18.2 18.3 18.4 18.5 19. International Long-Term Portfolio Investment Bond Investment Equity Investment The Benefits of International Portfolio Diversification International Capital Asset Pricing Model Summary Review Questions Problems Case Study 19: Selecting Equity Investments 19.1 19.2 19.3 19.4 19.5 20. Foreign Direct Investment 20.1 20.2 20.3 20.4 20.5 20.6 20.7 Background Theories of Foreign Direct Investment Evaluating Direct Investment Projects Evaluating Foreign Direct Investment Projects More About Taxation Foreign Direct Investment and Country Risk Foreign Direct Investment and the Growth of Multinationals: Summing Up 20.8 Summary Review Questions Problems Case Study 20: Expanding into Foreign Markets References Glossary Index

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