国际货币 第2版PDF电子书下载

1. What is international money all about? 1

The foreign exchange markets 1

Eurocurrency markets 3

2. The essence of currency calculations 6

Foreign exchange marketS 6

Inflation, interest and exchange rates 8

Practicalities 14

An overview 14

Appendix: A deductive proof of the four-way equivalence model 15

3. How are foreign exchange rates quoted? 23

The players 23

Methods of quotation 24

Forward contracts and quotations 26

An overview 29

4. What makes exchange rates move? 30

The balance of payments approach 30

The monetary approach 32

Chartism 33

The efficient markets hypothesis 36

An overview 38

5. What is foreign exchange risk? 40

Transaction exposure 41

Translation exposure 41

Economic exposure 46

An overview 49

6. Why worry about foreign exchange risk? 50

Transaction exposure 50

Economic exposure 53

Translation exposure 54

An overview 56

7. Internal techniques of managing foreign exchange exposure 58

Netting 58

Matching 59

Leading and lagging 60

Price variation 62

Invoicing in foreign currency 62

Asset and liability management 66

An overview 67

8. External techniques of managing foreign exchange exposure 68

Forward markets 68

Trading purpose of the forward market 69

Short-term borrowing 75

Discounting foreign currency denominated bills receivable 77

Factoring foreign currency denominated receivables 77

Currency overdrafts 78

Government exchange risk guarantees 79

An overview 79

9. What are currency swaps? 81

Swaps 81

An overview 84

10. What are financial futures on foreign exchange? 88

Financial futures in general 88

Currency contracts 91

An overview 94

11. How do currency options work? 95

How currency option markets work 96

Currency option strategies 100

option pricing models 103

Corporate use of currency options 105

An overview 107

12. Interest rate risk 108

The term structure of interest rates 108

Forward rate agreements 112

Interest rate futures 114

Interest rate swaps 114

Interest rate options 115

An overview 116

13. The value of growth options 117

An example using decision trees 118

Flexibility and value creation 120

The Black and Scholes model 121

Another example with decision trees 122

An overview 125

14. Is the international investment decision different? 126

The international complications 126

An overview 132

15. Is the international financing decision different? 133

The Eurobond market 133

Borrowing internationally 135

The risks of borrowing internationally 137

An overview 138

16. The European Monetary System 139

Principal features of the EMS 139

The Exchange Rate Mechanism 140

European Monetary Union 141

German reunification 142

Black Wednesday 144

The wake of Black Wednesday 145

An overview 147

17. Why hedge anyway? 149

The capital asset Pricing model 149

What does exposure management aim to achieve? 156

The arguments against corporate hedging 156

Employees and managers 158

And shareholders too 158

The value of the firm 159

Financial distress 159

An overview 162

18. Economic exposure revisited 163

Macroeconomic exposure 163

The analysis 164

Hedging 165

Interest rates invariably key 166

Experiments with macroeconomic exposure 167

An overview 167

Questions and answers 168

Numerical questions 168

Bramit Investment Trust plc 170

Answers to numerical questions 172

Suggested answers to the Bramit Investment Trust questions 175

Further reading 180

Index 181