International finance: the markets and financial management of multinational business
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York u.a.
McGraw-Hill
1990
|
| Ausgabe: | 2. ed. |
| Schriftenreihe: | McGraw-Hill series in finance.
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXV, 545 S. graph. Darst. |
| ISBN: | 007037483X 0071008004 |
Internformat
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| 100 | 1 | |a Levi, Maurice D. |d 1945- |e Verfasser |0 (DE-588)12155967X |4 aut | |
| 245 | 1 | 0 | |a International finance |b the markets and financial management of multinational business |c Maurice D. Levi |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a New York u.a. |b McGraw-Hill |c 1990 | |
| 300 | |a XXV, 545 S. |b graph. Darst. | ||
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| 650 | 4 | |a Multinationales Unternehmen | |
| 650 | 4 | |a International finance | |
| 650 | 4 | |a International business enterprises -- Finance | |
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Datensatz im Suchindex
| _version_ | 1804119552860094464 |
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| adam_text | CONTENTS
PREFACE xxiii
1 The Importance, Rewards, and Risks of International Finance 1
THE IMPORTANCE OF INTERNATIONAL FINANCE 1
The Scope of International Finance 1
Benefits of Studying International Finance 2
GROWING IMPORTANCE OF INTERNATIONAL FINANCE 2
International Trade versus Domestic Trade 2
The Rewards of International Trade 4
The Risks of International Trade 4
Increased Globalization of Financial and Real Asset
Markets 6
Rewards of Globalization of Investment and
International Flows of Capital 7
Costs of Globalization of Investment 9
Increased Volatility of Exchange Rates 10
TOPICS COVERED IN THIS BOOK 12
SUMMARY 16
BIBLIOGRAPHY 16
APPENDIX 1.1: THE GAINS FROM TRADE IN GOODS AND SERVICES 17
APPENDIX 1.2: THE GAINS FROM THE INTERNATIONAL FLOW OF
CAPITAL 21
PART 1 INTRODUCING THE FOREIGN EXCHANGE MARKETS 25
2 Cash and Spot Exchange Markets 27
THE FOREIGN BANK NOTE MARKET 27
ix
X CONTENTS
THE SPOT FOREIGN EXCHANGE MARKET 29
Organization of the Interbank Market 30
Delivery Dates and Procedures for Spot Exchange 31
Bank Settlement via Correspondent Accounts 33
Bank Settlement via CHIPS 35
Market Clearing and Exchange Brokers 36
Retail versus Interbank Spot Rates 37
Conventions for Spot Exchange Quotations 37
DIRECT VERSUS INDIRECT EXCHANGE AND CROSS EXCHANGE
RATES 40
Indirect Exchange and the Practice of Quoting against the
Dollar 40
Zero Foreign Exchange Transaction Costs 41
Nonzero Foreign Exchange Transaction Costs 44
Defining the Costs of Transacting 44
SUMMARY 48
QUESTIONS 48
BIBLIOGRAPHY 49
3 Forward, Futures, and Option Markets 50
FORWARD EXCHANGE 50
What Is Forward Foreign Exchange? 50
Forward Exchange Premiums and Discounts 51
Varieties of Forward Exchange Contracts 53
Conventions in Quoting Forward Exchange 54
Why Forward Spreads Widen with Increased Maturity 58
CURRENCY FUTURES 59
What Is a Currency Future? 59
The Link between the Futures and Forward Markets 63
CURRENCY OPTIONS 63
What Is a Currency Option? 63
Characteristics of Currency Option Contracts 64
Quotation Conventions and Market Organization 67
Determinants of the Market Values of Currency Options 68
Intrinsic Value 68
Volatility of the Spot or Futures Exchange Rate 68
Length of Period to Expiration 69
American or European Option Type 69
Interest Rate on Currency of Purchase 69
The Forward Premium / Discount or Interest Differential 69
Other Types of Options 70
DIFFERENCES BETWEEN FORWARDS, FUTURES, AND OPTIONS:
A SUMMARY 72
SUMMARY 72
QUESTIONS 73
BIBLIOGRAPHY 74
CONTENTS Xi
PART 2 THE BALANCE OF PAYMENTS AND EXCHANGE RATE
DETERMINATION 75
4 The Balance of International Payments 77
The Balance of Payments as a Record of Supply and
Demand 77
PRINCIPLES OF BALANCE OF PAYMENTS ACCOUNTING 78
Determining Credit and Debit Entries 78
Balance of Payments Entries and the Factors That
Influence Them 80
Exports of Goods and Services 80
U.S. Imports of Goods and Services 82
Unilateral Transfers 83
US. Assets Abroad (Net) 84
Foreign Assets in the U.S. (Net) 87
Allocation of Special Drawing Rights (SDRs) 89
Statistical Discrepancy 89
IMPLICATIONS OF THE BALANCE OF PAYMENTS ACCOUNTING
IDENTITY 90
Interpreting the Accounts with Fixed and Flexible Rates 90
Flexible Rates 91
Fixed Rates 91
Long Run versus Short Run Implications of Payments
Imbalances 92
Flexible Rates 92
Fixed Rates 92
The Firm versus the Economy: An Analogy 93
THE NET INTERNATIONAL INVESTMENT POSITION 94
OBJECTIVES OF ECONOMIC POLICY 95
SUMMARY 97
QUESTIONS 98
BIBLIOGRAPHY 99
5 The Determination of Exchange Rates 101
IMPORTS, EXPORTS, AND EXCHANGE RATES 102
Deriving a Currency s Supply Curve 102
Deriving a Currency s Demand Curve 104
THE EQUILIBRIUM EXCHANGE RATE 105
OTHER INFLUENCES ON A CURRENCY S SUPPLY AND DEMAND 106
THE STABILITY OF EXCHANGE RATES 108
Unstable Exchange Rates and the Balance of Trade 111
Short Run versus Long Run Trade Elasticities
and the J Curve 112
IMPLICATIONS OF INSTABILITY FOR THE EFFECTS OF SHIFTS
IN CURVES 114
SUMMARY 117
Xii CONTENTS
QUESTIONS 118
BIBLIOGRAPHY 118
APPENDIX 5.1: THE CONDITION FOR STABILITY IN FOREIGN
EXCHANGE MARKETS 118
PART 3 INTERNATIONAL MANIFESTATIONS OF THE LAW
OF ONE PRICE 121
6 The Purchasing Power Parity Principle 123
The Law of One Price 123
Absolute Form of the PPP Condition 125
The Relative Form of PPP 126
An Alternative Derivation of PPP 128
The Empirical Evidence on PPP 129
Reasons for Departures from PPP 133
Restrictions on Movement of Goods 133
Price Indexes and Nontraded Outputs 133
Statistical Problems of Evaluating PPP 135
SUMMARY 136
QUESTIONS 136
BIBLIOGRAPHY 136
APPENDIX 6.1: PPP AND THE PRINCIPLES OF SUPPLY AND DEMAND 137
7 Interest Parity 145
THE INVESTMENT AND BORROWING CRITERIA 146
Determining the Currency of Investment 146
An Example 150
Determining the Country from Which to Borrow 151
Borrowing and Investing for Arbitrage Profit 151
THE INTEREST PARITY CONDITION 152
Interest Parity: A Graphical Presentation 153
COMBINING PPP AND INTEREST PARITY 157
The Uncovered Interest Parity Condition 157
The Expectations Form of PPP 158
The Interrelationship of the Parity Conditions 159
SUMMARY 161
QUESTIONS 162
BIBLIOGRAPHY 163
8 Why Covered Interest Differences Persist 164
TRANSACTION COSTS AND INTEREST PARITY 164
Investment, Borrowing, and Arbitrage Criteria, Including
Transaction Costs 165
CONTENTS XMJ
Investment Criterion with Transaction Costs 165
Borrowing Criterion with Transaction Costs 166
Arbitrage Criterion with Transaction Costs 167
Interest Disparity and Transaction Costs 168
POLITICAL RISKS AND INTEREST PARITY 176
TAXES AND INTEREST PARITY 177
Withholding Taxes 177
Capital Gains versus Income Taxes 178
LIQUIDITY DIFFERENCES AND INTEREST PARITY 180
Effect of the Reasons for Interest Disparity on Investment
and Borrowing Decisions 181
SUMMARY 182
QUESTIONS 182
BIBLIOGRAPHY 183
PART 4 FOREIGN EXCHANGE RISK AND EXPOSURE AND
THEIR MANAGEMENT 185
9 Foreign Exchange Risk and Exposure 187
THE NATURE OF EXCHANGE RATE RISK AND EXPOSURE 187
Definition of Foreign Exchange Exposure 187
Exposure as a Regression Slope 188
Estimating Exposure 191
Units of Measurement of Exposure 192
Exposure When Local Currency Values Vary with
Unanticipated Changes in Exchange Rates 193
Exposure against Numerous Exchange Rates 195
Exposure on Domestic Assets, Liabilities, and Operating
Incomes 195
Estimation Difficulties 196
Definition of Foreign Exchange Risk 197
EXPOSURE, RISK, AND THE PARITY RELATIONSHIPS 198
Exposure, Risk, and Interest Parity 198
Exposure, Risk, and Purchasing Power Parity 200
PPP and Real Asset Exposure 200
PPP and Operating Exposure 202
U.S. INTERNATIONAL ACCOUNTING PRINCIPLES 206
REAL CHANGES IN EXCHANGE RATES 207
Definition of the Real Change in Exchange Rates 207
Financial Assets and Liabilities and Real Changes in
Exchange Rates 208
Financial Assets and Liabilities and Financial Statements 209
Real Assets and Real Changes in Exchange Rates 212
Real Assets and Financial Statements 214
XiV CONTENTS
The Relevance of Translation Exposure 216
SUMMARY 217
QUESTIONS 218
BIBLIOGRAPHY 219
APPENDIX 9.1: THE STATISTICAL MEASUREMENT OF
EXCHANGE RATE RISK AND EXPOSURE 220
APPENDIX 9.2: EXCHANGE RATE RISK VERSUS EXPOSURE:
A GEOMETRICAL EXPOSITION 222
10 How to Hedge and Speculate 225
HEDGING 225
Whether to Hedge: Managerial Hedging versus
Shareholder Hedging 225
The Source of Risk and Exposure for Importers and
Exporters 227
Hedging via the Forward Market 227
The Cost of Forward Hedging 228
Risk Premiums on Forward Contracts 229
Transaction Costs in Forward versus Spot Exchange
Markets 230
The Benefit of Forward Hedging 231
Hedging via the Futures Market 232
Hedging via the Option Market 233
Hedging via Borrowing and Lending: Swaps 235
Hedging via Currency of Invoicing 237
Hedging via Mixed Currency Invoicing 238
Hedging via Selection of Supplying Country: Sourcing 239
Payoff Profiles of Different Hedging Techniques 239
Forward Profile 239
Futures Profile 240
Option Profiles 242
SPECULATION 244
Speculating via the Forward Market 245
Speculating without Transaction Costs 245
Speculating with Transaction Costs 246
Speculating via the Futures Market 246
Speculating via the Option Market 247
Speculating via Borrowing and Lending: Swaps 248
Speculating via Not Hedging Trade 249
Speculating on Exchange Rate Volatility 250
SUMMARY 250
QUESTIONS 251
BIBLIOGRAPHY 253
CONTENTS XV
PART 5 SHORT TERM FINANCIAL MARKETS
AND MANAGEMENT 255
11 Eurodollars, Eurocurrencies, and Multinational Banking 257
THE EURODOLLAR AND EUROCURRENCY MARKETS 258
What Are Eurodollars and Eurocurrencies? 258
The Differences between Eurocurrency Yields 258
Why Did Eurodollar Deposits Develop? 263
The Supply of Eurodollar Deposits 263
The Demand for Eurodollar Loans 265
The Role of Narrow Spreads 266
The Role of U.S. Deficits 266
Determination of Eurocurrency Interest Rates 267
Different Types of Eurocurrency Instruments 268
Redepositing and Multiple Eurocurrency Expansion 270
INTERNATIONAL BANKING 273
Organizational Features of International Banking 273
Correspondent Banking 273
Resident Representatives 273
Bank Agencies 274
Foreign Branches 275
Foreign Subsidiaries and Affiliates 276
Consortium Banks 276
Edge Act and Agreement Corporations 276
U.S. International Banking Facilities (IBFs) 277
Why Banking Has Become Multinational 278
Market Information 279
Borrower Information 279
Serving Clients 279
Custodial Services 280
Avoiding Regulations 280
The Problems of Multinational Banking 281
SUMMARY 283
QUESTIONS 283
BIBLIOGRAPHY 284
12 Cash Management and Market Efficiency 286
INTERNATIONAL DIMENSIONS OF CASH MANAGEMENT 287
Advantages of Centralized Cash Management 287
Netting 287
Currency Diversification 288
Pooling 290
Security Availability and Efficiency of Collections 290
Disadvantages of Centralized Cash Management 290
XVi CONTENTS
Transaction Costs, Political Risk, Liquidity Preference,
Taxes, and Cash Management 291
Examples of Cash Management Systems 292
Navistar International 292
Digital Equipment 295
MARKET EFFICIENCY 297
Efficiency of the Money Markets 298
Efficiency of Foreign Exchange Markets 298
SUMMARY 303
QUESTIONS 303
BIBLIOGRAPHY 304
APPENDIX 12.1: THE POOLING GAIN FROM CENTRALIZED CASH
MANAGEMENT 304
PART 6 LONGER TERM FINANCIAL MARKETS
AND MANAGEMENT 307
13 Portfolio Investment 309
EQUITY INVESTMENTS 309
Comparing Investments 309
Comparing Equity Investments After Taxes 311
The Benefits of International Portfolio Diversification 313
International Capital Asset Pricing 320
BOND INVESTMENTS 326
Domestic versus Foreign Bond Returns 326
Risk Considerations with Bond Investment 328
SUMMARY 329
QUESTIONS 330
BIBLIOGRAPHY 330
14 International Aspects of Long Term Financing 332
EQUITY FINANCING 332
The Country in Which Shares Should Be Issued 332
The Vehicle of Share Issue 334
BOND FINANCING 335
Foreign Bonds versus Eurobonds 336
Selecting the Currency of Issue 336
Borrowing with Foreign Source Income 342
Currency Speculation and Tax Considerations 342
Other Bond Financing Considerations 345
Issue Cost 345
Issue Size 345
Multicurrency Bonds 345
Types of Multicurrency Bonds 345
CONTENTS XVii
The Rationale for Multicurrency Bonds 346
The Vehicle of Bond Issue 347
BANK FINANCING, DIRECT LOANS, AND THE LIKE 347
Parallel Loans 349
Credit Swaps 349
GOVERNMENT AND DEVELOPMENT BANK LENDING 350
OTHER FACTORS AFFECTING THE FINANCING OF SUBSIDIARIES 351
FINANCIAL STRUCTURE 352
Subsidiary or Parent Determination of Financial Structure 352
Capital Structure in Different Countries 353
SUMMARY 355
QUESTIONS 357
BIBLIOGRAPHY 357
PART 7 EVALUATION AND EXPLANATION OF FOREIGN
DIRECT INVESTMENT 359
15 Capital Budgeting for Foreign Direct Investment 361
DIFFICULTIES IN EVALUATING FOREIGN PROJECTS 362
FACTORS AFFECTING INVESTORS CASH FLOWS 363
Blocked Funds 363
Effects on the Sales of Other Divisions 363
Remittance Restrictions 363
Different Levels of Taxation 364
Concessionary Loans 365
THE ADJUSTED PRESENT VALUE TECHNIQUE 365
SELECTING THE APPROPRIATE DISCOUNT RATES 369
Using Real Interest Rates and Today s (Real) Cash Flows
and Exchange Rates 371
Discount Rates for Different Items 373
AN EXAMPLE 374
ACTUAL PRACTICE OF CAPITAL BUDGETING 380
SUMMARY 381
QUESTIONS 382
BIBLIOGRAPHY 383
APPENDIX 15.1: A SURVEY OF INTERNATIONAL TAXATION 383
THE DIFFERENT FORMS OF TAXES 383
Corporate Taxes 383
Value Added Tax (VAT) 385
Import Duties 385
Withholding Taxes 386
Branch versus Subsidiary Taxes 386
ORGANIZATIONAL STRUCTURES FOR REDUCING TAXES 386
The Foreign Sales Corporation (FSC) 386
xviii contents
80 20 Subsidiaries 388
Internal Pricing 388
Tax Havens 388
APPENDIX 15.2: COUNTRY RISK AND DISCOUNT RATES 389
16 The Growth and Special Problems of Multinational
Corporations 391
THE GROWTH OF MULTINATIONAL CORPORATIONS 391
Reasons for the Growth of MNC s 392
Availability of Raw Materials 392
Integrating Operations 392
Nontransferable Knowledge 392
Protecting Reputations 393
Exploiting Reputations 393
Protecting Secrecy 393
The Product Life Cycle Hypothesis 393
Capital Availability and Organizational Factors 394
Avoiding Tariffs and Quotas 394
Avoiding Regulations 395
Production Flexibility 395
Symbiotic Relationships 396
Indirect Diversification 396
Empirical Evidence on the Growth of MNCs 396
SPECIAL PROBLEMS FACING MULTINATIONAL CORPORATIONS:
TRANSFER PRICING 397
The Measurement of Transfer Prices 397
Strategic Considerations in Transfer Pricing 398
Practical Considerations in Transfer Pricing 400
SPECIAL PROBLEMS FACING MULTINATIONAL CORPORATIONS:
COUNTRY RISK 401
The Measurement of Country Risk 401
The Measurement of Political Risk 405
Methods of Reducing Political Risk 405
Keeping Control of Crucial Elements of Corporate
Operations 405
Programmed Stages of Planned Divestment 406
Joint Ventures 406
Local Debt 407
The Purchase of Investment Insurance 407
Problems and Benefits from the Growth of MNCs 408
SUMMARY 411
QUESTIONS 412
BIBLIOGRAPHY 412
CONTENTS XiX
PART 8 FINANCIAL DIMENSIONS OF INTERNATIONAL TRADE 415
17 The Instruments, Institutions, and Organization of
International Trade 417
EXTRA DIMENSIONS OF INTERNATIONAL TRADE 417
INTERNATIONAL TRADE INVOLVING LETTERS OF CREDIT:
AN OVERVIEW OF A TYPICAL TRANSACTION 417
ALTERNATIVE PAYMENT AND GUARANTEEING PROCEDURES 422
Open Account and Consignment Sales 422
Cash in Advance and Confirmed Credits 423
Export Insurance 423
The Rationale for Government Provided Credit Insurance:
An Aside 424
THE FINANCING OF INTERNATIONAL TRADE 425
Short Term Financing: Banker s Acceptances 425
Forfaiting: A Form of Medium Term Finance 426
Forfaiting Explained 426
The History of Forfaiting 429
Financing by Government Export Agencies 429
COUNTERTRADE 430
The Various Forms of Countertrade 430
Barter 430
Counterpurchase 431
Industrial Offset 431
Buyback 431
Switch Trading 432
Reasons Why Countertrade Occurs 433
THE INSTITUTIONS REGULATING INTERNATIONAL TRADE 433
The General Agreement on Tariffs and Trade (GATT) 434
Free Trade Areas 435
SUMMARY 436
QUESTIONS 437
BIBLIOGRAPHY 437
APPENDIX 17.1: INTERNATIONAL COMMERCIAL AND FINANCIAL
ABBREVIATIONS 438
18 Operating Exposure 440
THE EXPORTER 441
Competitive Markets in the Short Run 441
Long Run Effects: Imported Inputs 444
The Case of Imperfect Competition 448
Analysis in Foreign Currency Units 452
THE IMPORTER 455
Analysis in Home Currency Units 455
XX CONTENTS
Analysis in Foreign Currency Units 457
Imported Inputs 458
SUMMARY OF EFFECTS OF EXCHANGE RATES ON EXPORTERS AND
IMPORTERS 459
EFFECT OF CURRENCY OF INVOICING AND FORWARD HEDGING 460
The Exporter with Exposed Inputs 461
Dollar Accounting 461
Pound Accounting 462
The Exporter with Receivables Exposure 463
The Importer 464
A Reminder: Importance of Lags 464
An Example 464
Effect of Transaction Exposure 465
Effect of Operating Exposure 465
SUMMARY 466
QUESTIONS 467
BIBLIOGRAPHY 468
APPENDIX 18.1: EXCHANGE RATES AND THE EXPORTER AND
IMPORTER — A MATHEMATICAL TREATMENT 468
The Exporter 468
Effects in Terms of Home Currency (Dollars) 468
Effects in Terms of Foreign Currency
(British Pounds) 471
The Importer 472
Effects in Terms of Home Currency (Dollars) 472
Effects in Terms of Foreign Currency
(British Pounds) 474
Addendum: The International Economic Environment:
A Backgrounder to the International Financial System,
Past and Present 475
SYSTEMS OF FIXED EXCHANGE RATES 476
The Classical Gold Standard System 476
Price Adjustment under the Gold Standard 477
The Gold Exchange and Dollar Standards 480
Price Adjustment under the Gold Exchange and Dollar
Standards 482
The European Monetary System (EMS) 485
Price Adjustment under the EMS 487
Other Automatic Adjustment Mechanisms 488
National Income 488
Interest Rates 491
THE CASE FOR FIXED VERSUS FLEXIBLE EXCHANGE RATES 492
Arguments for Flexible Exchange Rates 492
Better Adjustment 492
Better Confidence 493
CONTENTS XXi
Better Liquidity 493
Gains from Freer Trade 493
Increased Independence of Policy 493
The Case against Flexible Rates 495
Flexible Rates Cause Uncertainty and Inhibit
International Trade and Investment 495
Flexible Rates Cause Destabilizing Speculation 496
Flexible Rates Will Not Work for Small Economies 497
Flexible Rates Are Inflationary 498
Flexible Rates Are Unstable Because of Small Trade
Elasticities 499
HYBRID SYSTEMS OF EXCHANGE RATES 499
Dirty Float 499
Wider Band 500
Crawling Peg 500
Mixed Fixed and Flexible Rates 501
Cooperative Intervention in Disorderly Markets 502
THE HISTORY AND POSSIBLE FUTURE OF THE INTERNATIONAL
FINANCIAL SYSTEM 503
The Situation Before Bretton Woods, 1900 1944 503
Bretton Woods and the IMF, 1944 1973 504
The Flexible Exchange Rate Period, 1973 1985 508
The Dirty Float Era, 1985 509
THE FUTURE OF THE INTERNATIONAL FINANCIAL SYSTEM 510
The Third World Debt Crisis 511
The Background 511
The Causes 512
The Fear 512
The Handling of the Crisis 513
Shifting Global Economic Power 514
NEW THEORIES OF EXCHANGE RATES 515
Monetary Theory of Exchange Rates 516
The Asset Approach to Exchange Rates 520
The Portfolio Balance Approach to Exchange Rates 521
THEORIES OF EXCHANGE RATE VOLATILITY 523
The Dornbusch Sticky Price Theory 523
Varying Elasticities 524
Stock Adjustment and Flow Fluctuations 525
Other Theories of Overshooting 526
SUMMARY 527
QUESTIONS 529
BIBLIOGRAPHY 530
INDEXES
Name Index 533
Subject Index 537
|
| any_adam_object | 1 |
| author | Levi, Maurice D. 1945- |
| author_GND | (DE-588)12155967X |
| author_facet | Levi, Maurice D. 1945- |
| author_role | aut |
| author_sort | Levi, Maurice D. 1945- |
| author_variant | m d l md mdl |
| building | Verbundindex |
| bvnumber | BV005335580 |
| callnumber-first | H - Social Science |
| callnumber-label | HG3881 |
| callnumber-raw | HG3881.L455 1990 |
| callnumber-search | HG3881.L455 1990 |
| callnumber-sort | HG 43881 L455 41990 |
| callnumber-subject | HG - Finance |
| classification_rvk | QK 640 QM 350 QP 305 QP 700 |
| ctrlnum | (OCoLC)20930308 (DE-599)BVBBV005335580 |
| dewey-full | 332/.042 332/.04220 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332/.042 332/.042 20 |
| dewey-search | 332/.042 332/.042 20 |
| dewey-sort | 3332 242 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| id | DE-604.BV005335580 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T16:28:01Z |
| institution | BVB |
| isbn | 007037483X 0071008004 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-003341470 |
| oclc_num | 20930308 |
| open_access_boolean | |
| owner | DE-473 DE-BY-UBG DE-703 DE-824 DE-Aug4 DE-11 DE-188 |
| owner_facet | DE-473 DE-BY-UBG DE-703 DE-824 DE-Aug4 DE-11 DE-188 |
| physical | XXV, 545 S. graph. Darst. |
| publishDate | 1990 |
| publishDateSearch | 1990 |
| publishDateSort | 1990 |
| publisher | McGraw-Hill |
| record_format | marc |
| series2 | McGraw-Hill series in finance. |
| spelling | Levi, Maurice D. 1945- Verfasser (DE-588)12155967X aut International finance the markets and financial management of multinational business Maurice D. Levi 2. ed. New York u.a. McGraw-Hill 1990 XXV, 545 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier McGraw-Hill series in finance. Entreprises multinationales - Finances Finances internationales Financieel management gtt Internationale financiën gtt Internationale geldmarkt gtt Internationale ondernemingen gtt Multinationales Unternehmen International finance International business enterprises -- Finance Finanzierung (DE-588)4017182-6 gnd rswk-swf Währungsrisiko (DE-588)4064157-0 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Multinationales Unternehmen (DE-588)4075092-9 gnd rswk-swf Finanzwirtschaft (DE-588)4017214-4 gnd rswk-swf Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 s Finanzierung (DE-588)4017182-6 s DE-604 Multinationales Unternehmen (DE-588)4075092-9 s Finanzmanagement (DE-588)4139075-1 s Währungsrisiko (DE-588)4064157-0 s DE-188 Finanzwirtschaft (DE-588)4017214-4 s 1\p DE-604 2\p DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003341470&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Levi, Maurice D. 1945- International finance the markets and financial management of multinational business Entreprises multinationales - Finances Finances internationales Financieel management gtt Internationale financiën gtt Internationale geldmarkt gtt Internationale ondernemingen gtt Multinationales Unternehmen International finance International business enterprises -- Finance Finanzierung (DE-588)4017182-6 gnd Währungsrisiko (DE-588)4064157-0 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd Multinationales Unternehmen (DE-588)4075092-9 gnd Finanzwirtschaft (DE-588)4017214-4 gnd Finanzmanagement (DE-588)4139075-1 gnd |
| subject_GND | (DE-588)4017182-6 (DE-588)4064157-0 (DE-588)4120506-6 (DE-588)4075092-9 (DE-588)4017214-4 (DE-588)4139075-1 |
| title | International finance the markets and financial management of multinational business |
| title_auth | International finance the markets and financial management of multinational business |
| title_exact_search | International finance the markets and financial management of multinational business |
| title_full | International finance the markets and financial management of multinational business Maurice D. Levi |
| title_fullStr | International finance the markets and financial management of multinational business Maurice D. Levi |
| title_full_unstemmed | International finance the markets and financial management of multinational business Maurice D. Levi |
| title_short | International finance |
| title_sort | international finance the markets and financial management of multinational business |
| title_sub | the markets and financial management of multinational business |
| topic | Entreprises multinationales - Finances Finances internationales Financieel management gtt Internationale financiën gtt Internationale geldmarkt gtt Internationale ondernemingen gtt Multinationales Unternehmen International finance International business enterprises -- Finance Finanzierung (DE-588)4017182-6 gnd Währungsrisiko (DE-588)4064157-0 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd Multinationales Unternehmen (DE-588)4075092-9 gnd Finanzwirtschaft (DE-588)4017214-4 gnd Finanzmanagement (DE-588)4139075-1 gnd |
| topic_facet | Entreprises multinationales - Finances Finances internationales Financieel management Internationale financiën Internationale geldmarkt Internationale ondernemingen Multinationales Unternehmen International finance International business enterprises -- Finance Finanzierung Währungsrisiko Internationaler Kreditmarkt Finanzwirtschaft Finanzmanagement |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003341470&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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