International finance:
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
London u.a.
Chapman & Hall
1993
|
| Ausgabe: | 1. ed. |
| Schriftenreihe: | Chapman & Hall series in accountancy and finance
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVI, 623 S. graph. Darst. |
| ISBN: | 0412409305 |
Internformat
MARC
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| 245 | 1 | 0 | |a International finance |c Ephraim Clark, Michel Levasseur and Patrick Rousseau |
| 250 | |a 1. ed. | ||
| 264 | 1 | |a London u.a. |b Chapman & Hall |c 1993 | |
| 300 | |a XVI, 623 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Chapman & Hall series in accountancy and finance | |
| 650 | 7 | |a Buitenlandse investeringen |2 gtt | |
| 650 | 4 | |a Finances internationales | |
| 650 | 7 | |a Internationale financiën |2 gtt | |
| 650 | 4 | |a Investissements étrangers | |
| 650 | 4 | |a International finance | |
| 650 | 4 | |a Investments, Foreign | |
| 650 | 0 | 7 | |a Finanzmanagement |0 (DE-588)4139075-1 |2 gnd |9 rswk-swf |
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| 689 | 0 | 0 | |a Internationale Kapitalbewegung |0 (DE-588)4162044-6 |D s |
| 689 | 0 | 1 | |a Finanzmanagement |0 (DE-588)4139075-1 |D s |
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| 700 | 1 | |a Levasseur, Michel |e Verfasser |0 (DE-588)134093739 |4 aut | |
| 700 | 1 | |a Rousseau, Patrick |e Verfasser |0 (DE-588)170310701 |4 aut | |
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Datensatz im Suchindex
| _version_ | 1804122639540682752 |
|---|---|
| adam_text | Contents
Foreword xiii
Preface xv
Introductory chapter: The whys and wherefores of international 1
finance
The international in our lives 1
The organization of the international economic and financial system 3
The advantages of international trade and finance 4
Current trends in international trade and finance 12
PART ONE THE ECONOMICS OF INTERNATIONAL TRANSACTIONS 17
1 Balance of payments 19
International transactions: the balance of payments 20
Interpreting the balance of payments 30
Summary 37
Questions 38
2 The exchange rate and economic adjustment 39
Exchange rate depreciation 40
Income and absorption adjustment: an example 52
The balance of payments, the exchange rate and the money supply 57
Summary 65
Questions 65
3 International parity relations 67
Purchasing power parity 67
Interest rate parity 75
The international Fisher relation 79
Forward rate parity 83
Forecasting exchange rates 85
Summary 90
Questions 91
PART TWO THE ORGANIZATION OF THE INTERNATIONAL FINANCIAL
SYSTEM 93
4 The international monetary system 95
Alternative exchange rate systems 95
Contents
Historical overview of the international financial system 102
The current international financial system 107
Summary 116
Questions 116
5 International banking and the Eurocurrency market 119
The Eurocurrency market 120
The international transfer of funds and credit expansion through 125
the Eurocurrency system
The Eurocurrency market and balance of payments disequilibrium 130
International banking: organization and instruments 133
Summary 137
Questions 138
6 The foreign exchange market 141
The organization of the foreign exchange spot market 141
The forward foreign exchange market 149
The foreign exchange market and the Eurocurrency market 154
Summary 160
Questions 161
PART THREE INTERNATIONAL RISK ASSESSMENT 163
7 International risk 165
The nature of risk 166
Definitions and methods in cross border risk 168
Advanced techniques for assessing cross border risk 179
Summary 189
Questions 190
Appendix 7.1: Deriving the macroeconomic framework for 190
international investment analysis
Appendix 7.2: Using the Black Scholes options pricing formula 193
to estimate macroeconomic financial risk
8 The benefits and risks of international portfolio investment 205
International diversification 205
International capital asset pricing 213
Other costs and risks in the international investment process 219
Summary 228
Questions 229
PART FOUR INTERNATIONAL RISK MANAGEMENT 231
9 Current operations and foreign exchange exposure 233
Payment terms in international trade 233
International cash management 240
Summary 249
Questions 250
10 Managing foreign exchange risk 253
Hedging with forward contracts 253
Contents ix
Other hedging instruments 263
Summary 270
Questions 270
11 Valuing currency options 273
Characteristics of currency options 273
Valuing currency options 275
Currency option management tools 293
Summary 298
Questions 299
12 Economic and financial analysis of currency option uses 301
Speculative uses 302
Hedging with options 309
Summary 322
Questions 323
13 Sophisticated hedging techniques 325
Combinations of simple options 325
Second generation options 344
Summary 349
Questions 350
14 Managing interest rate risk 353
Technical background to hedging interest rate risk 353
Long term interest rate futures 358
Short term interest rate futures 367
Over the counter hedging instruments 372
Summary 377
Questions 379
15 Inventory and supply management: The futures commodities
market 381
The principles of inventory management 382
The principles of hedging with commodities futures 386
Market organization 390
Basis and effective hedging 395
Inventory management 400
Speculation and spreading 401
Summary 403
Questions 404
PART FIVE RAISING FUNDS AND INVESTING INTERNATIONALLY 405
16 Syndicated Eurocredits 407
Background on the retail Eurocurrency market 407
Characteristics of syndicated Eurocredits 410
Summary 418
Questions 419
Appendix 16.1: The LDCX index 419
Contents
17 Financing and investing in the international bond market 421
Bond management: tools and techniques 422
The international bond market: characteristics and procedures 433
Instruments and trading techniques 441
Summary 450
Questions 451
18 The major domestic bond markets 453
The US bond market 454
The Japanese bond market 460
The UK bond market 465
The French bond market 467
The German bond market 469
The Italian bond market 472
The Dutch bond market 474
The Swiss bond market 475
The Belgian bond market 476
The Spanish bond Market 477
Questions 478
19 The swap market 479
Background on the swap market 479
The pricing of swaps 484
Risk and exposure of swap transactions 492
Summary 494
Questions 495
Appendix 19.1: The debt equity swap 496
20 World equity markets 499
Valuing equities 499
International equities 504
The equity markets of the US, Japan and the UK 507
Summary 514
Questions 515
PART SIX CAPITAL BUDGETING AND DIRECT FOREIGN INVESTMENT 517
21 Returns and acceptance criteria from cross border investment 519
projects
The reasons for cross border investing 519
Cash flow analysis for cross border projects 522
Techniques for project evaluation 524
Foreign exchange exposure from direct investments 531
Summary 538
Questions 539
22 Risk evaluation of cross border investment projects 541
The cost of capital: the theory 541
Estimating discount rates for cross border projects 549
Summary 557
Questions 558
Appendix 22.1: Generating the macroeconomic market parameters 558
for cross border risk assessment
Contents xi
23 International mergers and acquisitions 567
The advantages and disadvantages of M A as an investment strategy 567
The mechanics of international M A 572
New financial techniques in M A 580
Summary 586
Questions 587
Appendix 23.1: M A regulations in some major countries 587
Selected answers 591
Some useful formulae 592
Glossary 597
References 605
Author index 613
Subject index 615
|
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| dewey-ones | 332 - Financial economics |
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| dewey-sort | 3332 242 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 1. ed. |
| format | Book |
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| id | DE-604.BV008247859 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:17:04Z |
| institution | BVB |
| isbn | 0412409305 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-005446352 |
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| physical | XVI, 623 S. graph. Darst. |
| publishDate | 1993 |
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| publisher | Chapman & Hall |
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| series2 | Chapman & Hall series in accountancy and finance |
| spelling | Clark, Ephraim 1722-1797 Verfasser (DE-588)10419202X aut International finance Ephraim Clark, Michel Levasseur and Patrick Rousseau 1. ed. London u.a. Chapman & Hall 1993 XVI, 623 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Chapman & Hall series in accountancy and finance Buitenlandse investeringen gtt Finances internationales Internationale financiën gtt Investissements étrangers International finance Investments, Foreign Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Internationale Kapitalbewegung (DE-588)4162044-6 gnd rswk-swf Internationale Kapitalbewegung (DE-588)4162044-6 s Finanzmanagement (DE-588)4139075-1 s DE-604 Levasseur, Michel Verfasser (DE-588)134093739 aut Rousseau, Patrick Verfasser (DE-588)170310701 aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005446352&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Clark, Ephraim 1722-1797 Levasseur, Michel Rousseau, Patrick International finance Buitenlandse investeringen gtt Finances internationales Internationale financiën gtt Investissements étrangers International finance Investments, Foreign Finanzmanagement (DE-588)4139075-1 gnd Internationale Kapitalbewegung (DE-588)4162044-6 gnd |
| subject_GND | (DE-588)4139075-1 (DE-588)4162044-6 |
| title | International finance |
| title_auth | International finance |
| title_exact_search | International finance |
| title_full | International finance Ephraim Clark, Michel Levasseur and Patrick Rousseau |
| title_fullStr | International finance Ephraim Clark, Michel Levasseur and Patrick Rousseau |
| title_full_unstemmed | International finance Ephraim Clark, Michel Levasseur and Patrick Rousseau |
| title_short | International finance |
| title_sort | international finance |
| topic | Buitenlandse investeringen gtt Finances internationales Internationale financiën gtt Investissements étrangers International finance Investments, Foreign Finanzmanagement (DE-588)4139075-1 gnd Internationale Kapitalbewegung (DE-588)4162044-6 gnd |
| topic_facet | Buitenlandse investeringen Finances internationales Internationale financiën Investissements étrangers International finance Investments, Foreign Finanzmanagement Internationale Kapitalbewegung |
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