国际金融 第6版PDF电子书下载

CHAPTER 1 The Foreign Exchange Market 2

Opening CaseVolkswagen's Hedging Strategy 3

Introduction 4

The Functions of the Foreign Exchange Market 4

Currency Conversion 4

Insuring against Foreign Exchange Risk 6

Management FocusSouth African Airlines'Disastrous Currency Hedge 9

The Nature of the Foreign Exchange Market 9

Economic Theories of Exchange Rate Determination 10

Prices and Exchange Rates 11

Interest Rates and Exchange Rates 16

Investor Psychology and Bandwagon Effects 17

Country FocusWhy Did the Korean Won Collapses 18

Summary 19

Exchange Rate Forecasting 20

The Efficient Market School 20

The Infficient Market School 20

Approaches to Forecasting 20

Currency Convertibility 22

Implications for Managers 23

Transaction Exposure 23

Translation Exposure 23

Economic Exposure 24

Reducing Translation and Transaction Exposure 24

Management FocusTranslation Exposure at Baxter International 25

Reducing Economic Exposure 25

Other Steps for Managing Foreign Exchange Risk 26

Chapter Summary 27

Critical Thinking and Discussion Questions 28

Research Task 28

Closing CaseThe Rising Euro Hammers Auto Parts Manufacturers 29

CHAPTER 2 The International Monetary System 32

Opening CaseRescuing Brazil 33

Introduction 34

The Gold Standard 35

Mechanics of the Gold Standard 35

Strength of the Gold Standard 36

The Period between the Wars,1918-1939 36

The Bretton Woods System 37

The Role of the IMF 37

The Role of the World Bank 38

The Collapse of the Fixed Exchange Rate System 39

The Floating Exchange Rate Regime 40

The Jamaica Agreement 40

Exchange Rates since 1973 41

Fixed versus Floating Exchange Rates 43

The Case for Floating Exchange Rates 43

The Case for Fixed Exchange Rates 44

Who Is Right? 45

Exchange Rate Regimes in Practice 45

Pegged Exchange Rates 46

Currency Boards 47

Country FocusArgentina's Currency Board 48

Crisis Management by the IMF 48

Financial Crises in the Post-Bretton Woods Era 49

Mexican Currency Crisis of 1995 51

The Asian Crisis 51

Evaluating the IMF's Policy Prescriptions 55

Country FocusTurkey's 18th IMF Program 56

Implications for Managers 59

Currency Management 59

Business Strategy 60

Management FocusAirbus and the Euro 61

Corporate-Government Relations 61

Chapter Summary 62

Critical Thinking and Discussion Questions 62

Research Task 63

Closing CaseChina's Pegged Exchange Rate 63

CasesAmerica's Dollar Policy:Weak Dollar versus Strong Dollar 68

The 1994 Devaluation of the Mexican Peso and After 73

The Falling Dollar 79

CHAPTER 3 Accounting in the International Business 86

OPening CaseAdopting International Accounting Standards 87

Introduction 88

Country Differences in Accounting Standards 88

Relationship between Business and Providers of Capital 88

Political and Economic Ties with Other Countries 90

Inflation Accounting 91

Level of Development 91

Culture 91

National and International Standards 92

Lack of Comparability 92

Management FocusThe Consequences of Different Accounting Standards 93

International Standards 94

Management FocusNovartis Joins the International Accounting Club 95

Multinational Consolidation and Currency Translation 96

Consolidated Financial Statements 96

Currency Translation 98

Current U.S. Practice 99

Accounting Aspects of Control Systems 99

Exchange Rate Changes and Control Systems 100

Transfer Pricing and Control Systems 101

Separation of Subsidiary and Manager Performance 102

Chapter Summary 103

Critical Thinking and Discussion Questions 104

Research Task 104

Closing CaseChina's Developing Accounting System 105

CHAPTER 4 Financial Management in the International Business 108

OPening CaseChina Mobile 109

Introduction 110

Investment Decisions 111

Capital Budgeting 111

Project and Parent Cash Flows 112

Adjusting for Political and Economic Risk 112

Management FocusBlack Sea Energy Ltd. 113

Risk and Capital Budgeting 114

Financing Decisions 115

Financing Decisions and the Global Capital Market 115

Management FocusDeutsche Telekom Taps the Global Capital Market 117

Source of Financing 119

Financial Structure 119

Global Money Management:The Efficiency Objective 120

Minimizing Cash Balances 120

Reducing Transaction Costs 120

Global Money Management:The Tax Objective 120

Moving Money across Borders:Attaining Efficiencies and Reducing Taxes 122

Dividend Remittances 122

Royalty Payments and Fees 122

Transfer Prices 123

Fronting Loans 124

Techniques for Global Money Management 126

Centralized Depositories 126

Multilateral Netting 127

Chapter Summary 129

Critical Thinking and Discussion Questions 130

Research Task 130

Closing CaseFinancing Gol 130

CasesMerrill Lynch in Japan 136

GTIin Russia 137

Can Madison Avenue Marketing Help Developing Countries?The Case of Jordan 144

Glossary 147