International finance:
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke [u.a.]
Macmillan
1998
|
| Edition: | 2. ed. |
| Series: | Macmillan texts in economics
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Literaturangaben |
| Physical Description: | XXVIII, 488 S. graph. Darst. |
| ISBN: | 0333730968 0333730976 |
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Record in the Search Index
| _version_ | 1804126801158471680 |
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| adam_text | List of Figures xv
List of Tables xviii
List of Boxes xxi
Acknowledgements xxii
Introduction xxiii
PART I BALANCE OF PAYMENTS THEORY AND POLICY
1 The Foreign Exchange Market 3
1.1 Introduction 3
1.2 Exchange rate definitions 4
1.3 Characteristics and participants of the foreign exchange
market 4
1.4 Arbitrage in the foreign exchange market 8
1.5 The spot and forward exchange rates 9
1.6 Nominal, Real and Effective Exchange Rates 11
1.7 A simple model of the determination of the spot exchange
rate 16
1.8 Alternative exchange rate regimes 20
1.9 The determination of the forward exchange rate 22
1.10 The interaction of hedgers, arbitrageurs and speculators 27
1.11 Conclusions 30
2 The Balance of Payments 31
2.1 Introduction 31
2.2 What is the balance of payments? 32
2.3 Collection, reporting and presentation of the balance of
payments statistics 32
2.4 Balance of payments accounting and accounts 33
2.5 An overview of the sub accounts in the balance of
payments 34
2.6 Recording of transactions in the balance of payments 37
2.7 What is meant by a balance of payments surplus or
deficit? 38
2.8 Alternative concepts of surplus and deficit 40
2.9 Some open economy identities 43
vii
viii Contents
2.10 Open economy multipliers 48
2.11 Conclusions 53
3 Elasticity and Absorption Approaches to the Balance of
Payments 57
3.1 Introduction 57
3.2 The elasticity approach to the balance of payments 58
3.3 Empirical evidence on import and export demand
elasticities 62
3.4 The absorption approach 65
3.5 The effects of a devaluation on national income 67
3.6 The effects of devaluation on direct absorption 68
3.7 A synthesis of the elasticity and absorption approaches 71
3.8 Conclusions 72
4 Macroeconomic Policy in an Open Economy 75
4.1 Introduction 75
4.2 The problem of internal and external balance 76
4.3 The Mundell Fleming Model 79
4.4 The derivation of the IS schedule for an open economy 79
4.5 The derivation of the LM schedule for an open economy 81
4.6 The derivation of the BP schedule for an open economy 83
4.7 Equilibrium of the model 86
4.8 Factors shifting the IS LM BP schedules 86
4.9 Internal and external balance 88
4.10 Internal and external balance under fixed exchange rates 91
4.11 Internal and external balance under floating exchange
rates 92
4.12 A small open economy with perfect capital mobility 95
4.13 The principle of effective market classification 98
4.14 Limitations of the Mundell Fleming model 101
4.15 Conclusions 103
5 The Monetary Approach to the Balance of Payments 105
5.1 Introduction 105
5.2 A simple monetary model 106
5.3 The monetarist concept of a balance of payments
disequilibrium 111
5.4 The effects of a devaluation 112
5.5 A monetary exchange rate equation 114
5.6 A money supply expansion under fixed exchange rates 117
5.7 A money supply expansion under floating exchange rates 119
5.8 The effects of an increase in income under fixed exchange
rates 122
Contents ix
5.9 The effects of an increase in income under floating
exchange rates 122
5.10 An increase in foreign prices under fixed exchange rates 125
5.11 A rise in the foreign price level under floating exchange
rates 127
5.12 Implications of the monetary approach 127
5.13 Empirical evidence on the monetary approach 130
5.14 Criticisms of the monetary approach 131
5.15 Conclusions 133
PART 2 EXCHANGE RATE DETERMINATION: THEORY,
EVIDENCE AND POLICY
6 Purchasing Power Parity and Floating Exchange Rate
Experience 137
6.1 Introduction 137
6.2 Purchasing power parity theory and the law of one price 138
6.3 Absolute and relative PPP 138
6.4 A generalized version of PPP 140
6.5 Measurement problems in testing for PPP 142
6.6 Empirical evidence on PPP 143
6.7 Summary of the empirical evidence on PPP 150
6.8 Explaining the poor performance of purchasing power
parity theory 151
6.9 The Balassa—Samuelson model 154
6.10 Conclusions 157
7 Monetary Models of Exchange Rate Determination 159
7.1 Introduction 159
7.2 Asset prices 160
7.3 Uncovered interest rate parity 161
7.4 The monetary models of exchange rate determination 162
7.5 The flexible price monetary model 164
7.6 The Dornbusch sticky price monetarist model 167
7.7 A simple explanation of the Dornbusch model 168
7.8 A formal explanation of the Dornbusch model 170
7.9 Derivation of the goods market equilibrium schedule 171
7.10 Derivation of the money market equilibrium schedule 173
7.11 A money supply expansion and exchange rate
Overshooting 175
7.12 Importance of the sticky price monetary model 177
7.13 The Frankel real interest rate differential model 178
7.14 Implications of the monetary views of exchange rate
determination 180
7.15 Conclusions 182
x Contents
8 The Portfolio Balance Model 185
8.1 Introduction 185
8.2 The concept of a risk premium 186
8.3 Different types of risk 188
8.4 A portfolio balance model 190
8.5 The model 191
8.6 Derivation of the asset demand functions 194
8.7 Equilibrium of the model 196
8.8 The effects of a foreign exchange operation 197
8.9 The effects of an open market operation 198
8.10 The effects of a sterilized foreign exchange operation 199
8.11 A comparison of an FXO, OMO and SFXO 201
8.12 The dynamics of the model 202
8.13 The effects of a change in risk perceptions 204
8.14 Money versus bond financed fiscal expansion 205
8.15 The risk premium, imperfect and perfect substitutability 208
8.16 Conclusions 209
9 Empirical Evidence on Exchange Rates 213
9.1 Introduction 213
9.2 What is an efficient market? 214
9.3 Exchange market efficiency tests 215
9.4 Alternative tests of the efficient market hypothesis 221
9.5 Summary of findings on exchange market efficiency 223
9.6 Empirical test of exchange rate models 225
9.7 Exchange rate models: a forecasting analysis 227
9.8 Explaining the poor results of exchange rate models 231
9.9 The news approach to modelling exchange rates 234
9.10 Modelling exchange rate expectations 237
9.11 Empirical tests of different expectations mechanisms 240
9.12 Alternative approaches to modelling exchange rates: the
role of chartists and fundamentalists 241
9.13 Conclusions 243
10 Fixed, Flexible and Managed Exchange Rates 249
10.1 Introduction 249
10.2 The case for fixed exchange rates 250
10.3 The case for floating exchange rates 253
10.4 The modern evaluation of fixed and flexible exchange rate
regimes 256
10.5 The specification of the objective function 256
10.6 The model 257
10.7 Determining equilibrium 259
10.8 Money demand shock 261
10.9 Aggregate demand shock 262
Contents xi
10.10 Aggregate supply shock 263
10.11 Managed floating 267
10.12 Conclusions 272
PART 3 THE POSTWAR INTERNATIONAL MONETARY
SYSTEM
11 The International Monetary System 277
11.1 Introduction 277
11.2 The Bretton Woods system 278
11.3 Features of the system 278
11.4 A brief history of the Bretton Woods system 280
11.5 Why did the Bretton Woods system break down? 285
11.6 The Post Bretton Woods era 290
11.7 The Jamaica conference of 1976 291
11.8 The Snake and the EMS 297
11.9 The second oil shock 297
11.10 The dazzling dollar, 1980 85 297
11.11 From Plaza to Louvre and beyond 298
11.12 Currency turmoil in the 1990s 299
11.13 The present exchange rate system 302
11.14 Reform of the international monetary system 302
11.15 The Williamson target zone proposal 302
11.16 The McKinnon global monetary target proposal 303
11.17 The Tobin foreign exchange tax proposal 307
11.18 Conclusions 308
12 The Eurocurrency and Eurobond Markets 311
12.1 Introduction 311
12.2 Participants in the Eurocurrency and Eurobond markets 313
12.3 The origins and development of the Eurocurrency market 313
12.4 The characteristics of the Eurodollar market 315
12.5 The competitive advantage of Eurobanks 317
12.6 The coexistence of domestic and Eurobanking 318
12.7 The creation of Eurodollar deposits and loans 319
12.8 The pros and cons of the Eurocurrency markets 321
12.9 Euromarkets and government regulation and policy 323
12.10 The international capital market and the Eurobond
market 324
12.11 The origins and development of the Eurobond market 325
12.12 Typical features of a Eurobond 325
12.13 Control and regulation of the Eurobond market 327
12.14 The management of a Eurobond issue 329
12.15 Innovations in the Eurobond market 331
12.16 Conclusions 332
xii Contents
13 Currency Derivatives: Futures, Options and Swaps 335
13.1 Introduction 335
13.2 The growth of derivative markets 336
13.3 Exchange traded futures and options contracts 337
13.4 Currency futures and currency forwards 338
13.5 The use of currency futures for hedging purposes 341
13.6 The symmetry of profit/losses on futures/forward
positions 343
13.7 The pricing of currency futures 344
13.8 Currency options 346
13.9 A currency option versus a forward contract for hedging 347
13.10 A currency option versus a forward for speculating 350
13.11 The role of option contracts 352
13.12 Differences between options and futures contracts 352
13.13 The pricing of currency options 353
13.14 Intrinsic value and time value 355
13.15 The distribution of the option premium between time and
intrinsic value 356
13.16 The Garman and Kohlhagen option pricing formula 360
13.17 A numerical example of the Garman—Kohlhagen formula 362
13.18 Problems with the currency option pricing formula 364
13.19 The over the counter market in options 365
13.20 The swaps market 365
13.21 Potential currency swap scenarios 366
13.22 A currency swap agreement 367
13.23 Distinguishing characteristics of the swap market from the
forward and futures markets 370
13.24 Conclusions 371
14 International Policy Coordination 375
14.1 Introduction 375
14.2 What is meant by international policy coordination? 376
14.3 Why does the need for international policy coordination
arise? 377
14.4 The benefits from international policy coordination 379
14.5 A game theory demonstration of the gains from
coordination 384
14.6 Other potential benefits from coordination 385
14.7 The potential for coordination to make countries worse off 386
14.8 Estimates of the benefits and losses from international
policy coordination 388
14.9 Problems and obstacles to international policy
coordination 391
14.10 Conclusions 394
Contents xiii
15 International Debt 397
15.1 Introduction 397
15.2 The low and middle income less developed countries 398
15.3 Characteristics of typical middle income LDCs 399
15.4 The economics of LDC borrowing 401
15.5 Different types of capital inflows into LDCs 402
15.6 Measures of indebtedness 403
15.7 Background to the debt crisis 406
15.8 Origins of the debt crisis 406
15.9 The emergence of the debt crisis 407
15.10 The Mexican moratorium 409
15.11 The dimensions of the debt crisis 410
15.12 A supply and demand framework for analysing the debt
crisis 412
15.13 The economics of default 414
15.14 The role and viewpoints of the actors in the debt crisis 416
15.15 The management of the debt crisis, 1982 94 419
15.16 An overall evolution of debt crisis management 428
15.17 Conclusions 430
16 The European Monetary System and European Monetary
Union 433
16.1 Introduction 433
16.2 The Snake in the tunnel 434
16.3 The background to the European Monetary System 436
16.4 Features of the European Monetary System 437
16.5 The exchange rate mechanism and the European currency
unit 437
16.6 Bilateral exchange rate parities 437
16.7 The European currency unit 439
16.8 Calculation of the ECU 439
16.9 Monetary cooperation 443
16.10 An assessment of the European Monetary System 445
16.11 Intervention policy in the EMS 451
16.12 The economic performance of ERM and non ERM
countries 453
16.13 What is meant by monetary union? 453
16.14 Benefits of European monetary union 455
16.15 Costs of European monetary union 458
16.16 A history of the road to European monetary union 462
16.17 The Maastricht Treaty 465
16.18 An evaluation of the Maastricht criteria 466
16.19 The stability and growth pact 468
xiv Contents
16.20 The changeover to the single currency 469
16.21 The European Monetary System 2 (EMS2) 472
16.22 Conclusions 472
General Texts in the Field of International Finance 477
Author Index 481
Subject Index 483
1.1 The organization of the foreign exchange market 7
1.2 The evolution of the dollar pound nominal and real
exchange rate 1973 97 14
1.3 The evolution of the deutschmark dollar nominal and real
exchange rate 1973 97 14
1.4 The evolution of the yen dollar nominal and real
exchange rate 1973 97 15
1.5 The demand for pounds 18
1.6 The supply of pounds 19
1.7 Determination of the dollar—pound exchange rate 20
1.8 Floating exchange rate regime: (a) increase in demand (b)
increase in supply 21
1.9 Fixed exchange rate regime: (a) increase in demand (b)
increase in supply 23
1.10 The joint determination of the spot and forward exchange
rate 29
2.1 The government expenditure/foreign trade multiplier 51
3.1 The / curve effect 65
4.1 The Swan diagram 77
4.2 Derivation of the IS schedule 80
4.3 Derivation of the LM schedule 83
4.4 Derivation of the BP schedule 85
4.5 Equilibrium of the model 87
4.6 Surplus and deficit in the balance of payments 87
4.7 A monetary expansion under fixed exchange rates 90
4.8 Internal and external balance under a fixed exchange rate 91
4.9 A monetary expansion under floating exchange rates 93
4.10 Case 1: fiscal expansion under floating exchange rates 94
4.11 Case 2: fiscal expansion under floating exchange rates 95
4.12 Fixed exchange rates and perfect capital mobility 96
4.13 Floating exchange rates and perfect capital mobility 97
4.14 The assignment problem 99
5.1 The aggregate demand schedule 107
5.2 The aggregate supply schedule 108
5.3 The PPP schedule 109
5.4 The money supply and reserves 110
5.5 Equilibrium of the model 113
5.6 The effects of a devaluation 115
5.7 A monetary expansion under fixed exchange rates 118
5.8 A monetary expansion under floating exchange rates 121
xv
xvi List of Figures
5.9 An increase in income under fixed exchange rates 123
5.10 An increase in income under floating exchange rates 124
5.11 An increase in foreign prices under fixed exchange rates 126
5.12 An increase in foreign prices under floating exchange rates 128
6.1 The actual exchange rate and the PPP exchange rate
(a) The dollar pound rate and PPP 144
(b) The deutschmark dollar rate and PPP 144
(c) The yen dollar rate and PPP 145
(d) The yen deutschmark rate and PPP 145
(e) The French franc deutschmark rate and PPP 146
(f) The lira deutschmark rate and PPP 146
(g) The deutschmark pound rate and PPP 147
7.1 The uncovered interest parity (UIP) condition 163
7.2 The dynamics of the Dornbusch overshooting model 169
7.3 The goods market equilibrium schedule 173
7.4 The money market equilibrium schedule 174
7.5 Equilibrium in the Dornbusch model 175
7.6 Exchange rate overshooting 176
8.1 The operation of the portfolio balance model 191
8.2 Equilibrium of the model 196
8.3 The effects of a foreign exchange operation 198
8.4 The effects of an open market operation 199
8.5 The effects of a sterilized foreign exchange operation 200
8.6 Differing effects of an FXO, OMO and SFXO 201
8.7 The dynamics of the portfolio balance model 203
(a) The exchange rate
(b) The current account
8.8 Foreign bonds become more risky 204
8.9 Money financed expenditure 206
8.10 Bond financed expenditure 207
(a) Exchange rate depreciation
(b) Exchange rate appreciation
8.11 Perfect substitutability 209
9.1 The dynamics of unanticipated and anticipated monetary
expansions 220
(a) unanticipated monetary expansion
(b) anticipated monetary expansion
10.1 Equilibrium of the model 260
10.2 Money demand shock 262
10.3 Aggregate demand shock 263
10.4 Aggregate supply shock. Case 1: Md schedule is steeper
than the Yd schedule, i.e. tj(6 + /?) a 264
10.5 Aggregate supply shock. Case 2: Yd schedule is steeper
than the Md schedule, i.e. T)(0 + /?) a 265
List of Figures xvii
11.1 The nominal and real effective exchange rate of the dollar,
1980 97 298
12.1 Comparison of US certificate of deposit and Eurodollar
interest spreads 317
12.2 The creation of Eurobanking activity 320
13.1 Typical open interest profile 342
13.2 The profit/losses on a currency forward/futures contract 344
13.3 A log normal distribution 356
13.4 Intrinsic value and time value 357
13.5 The distribution of a call premium between time and
intrinsic value 360
13.6 A currency swap 369
14.1 The derivation of the Hamada diagram 381
14.2 Coordination and non coordination in the Hamada
diagram 382
15.1 Supply and demand for new loans 412
15.2 The supply and demand for new loans 413
(a) 1973 82
(b) 1983 94
16.1 UK and German Phillips curves 459
16.2 The road to EMU and the transition period 471
1.1 Foreign exchange market turnover 6
1.2 Foreign exchange cross rates on close of business 11
August 1997 10
1.3 Construction of nominal and real exchange rate indices 12
1.4 Construction of a nominal effective exchange rate index 13
1.5 Nominal effective exchange rate indices 15
1.6 Real effective exchange rate indices 17
1.7 The derivation of the demand for pounds 18
1.8 The supply of pounds 19
1.9 The deutschmark pound (DM/£) forward exchange
quotations and UK and German interest rates in January
1997 26
2.1 The balance of payments of Euroland 35
2.2 Examples of balance of payments accounting 39
2.3 IMF balance of payments summary: the United States,
Japan, Germany, France, Italy, Canada and the United
Kingdom in 1995 (in billions of US dollars) 44
2.4 Summary of key balance of payments concepts 45
2.5 Budget deficits/surpluses and current account balances 46
3.1 Devaluation and the balance of payments 60
3.2 The elasticity of demand for exports and imports of fifteen
industrial and nine developing countries 63
5.1 Empirical estimates of the offset coefficient 131
6.1 Relative purchasing power parity test 148
6.2 Hamburgers and purchasing power parity 152
9.1 Risk premium/market efficiency tests 218
9.2 Risk premium/exchange market efficiency test with
detrended data 219
9.3 Predictions of exchange rate models 227
9.4 Test of Exchange Rate Models 228
9.5 Exchange rate forecasts of different exchange rate models 230
9.6 Test of the news exchange rate model 237
9.7 Group averages of annual yields and standard deviations
1974 94 244
10.1 Summary of the results under fixed and floating rates 266
11.1 The US balance of payments 1959 73 283
11.2 Ratio of US reserves to liquid liabilities 286
11.3 The real price of OPEC crude oil 291
11.4 Global current account balances 1973 80 291
xviii
List of Tables xix
11.5 Current account balances of the major industrialized
countries 1972 98 292
11.6 Inflation rates in the major industrialized countries
1972 98 293
11.7 Growth rates of real GDP/GNP in the major industrialized
countries 1972 98 294
11.8 Standardized unemployment rates in the major
industrialized countries 1972 96 295
11.9 Exchange rate arrangements as at 30 June 1997 304
11.10 Summary of exchange rate arrangements as at 30 June
1997 306
12.1 The gross size of the Eurocurrency market in selected
years 312
12.2 International bond issue by currency 326
12.3 Features of a typical dollar Eurobond issue 328
12.4 Top international bond lead managers 1996 331
13.1 The growth of exchange traded futures and options
contracts 337
13.2 Sterling futures contract 339
13.3 Similarities and differences between currency forwards
and futures contracts 340
13.4 Philadelphia Stock Exchange £/ £31250 (cents
per pound) 347
13.5 The profit/loss on an October call for different spot
exchange rates on expiry of the contract 348
13.6 Comparison of hedging using futures and options 349
13.7 A currency option versus a currency forward for
speculation 351
13.8 Table of factors affecting a currency call option s premium 354
13.9 In the money, at the money, and out of the money 355
13.10 Intrinsic value and time value 360
13.11 The values of N(dl) and N(d2) for different spot
exchange rates 364
13.12 Currency composition of notional principal value of
outstanding currency swaps 366
13.13 A currency swap 368
13.14 The cumulative standard normal distribution 373
14.1 Simulation effects of monetary and fiscal policy changes 380
14.2 A game theory pay off matrix demonstration of the gains
from coordination 384
15.1 Current account balance of the big four debtors 1972 82 408
15.2 Total external debt of the big four debtors 1972 82 411
15.3 US banks exposure to five Latin American countries in
1982 411
15.4 External debt statistics of big four debtors 1982 95 422
xx List of Tables
15.5 Inflation rates of the big four debtor countries 423
15.6 Economic growth of big four debtor countries 424
15.7 The secondary price of debt for the big four debtors 425
15.8 Debt restructuring agreements 1988 94 426
16.1 Central parity realignments in the Snake 435
16.2 Bilateral central rates and selling and buying rates in the
ERM as from 25 November 1996 438
16.3 The composition of the ECU and central weights in the
run up to EMU 441
16.4 Calculation of the deutschmark per ECU central rate 441
16.5 Maximum and actual divergences from ECU central rates 444
16.6 A chronology of events in the European Monetary System 446
16.7 Inflation in ERM and non ERM countries 450
16.8 Economic growth in ERM and non ERM countries 454
1.1 Exchange rate quotations and the bid—offer spread 5
1.2 Bulls and bears in the foreign exchange market 8
2.1 Current accounts and government fiscal policies in the
1980s and 1990s 46
6.1 The Hamburger standard 151
7.1 The UIP condition and changes in exchange rate
expectations 163
9.1 Exchange market efficiency and the distinction between
anticipated and unanticipated economic policy 220
11.1 The creation of special drawing rights 288
15.1 Some debt terminology 404
16.1 The practicalities of introducing the Euro 470
xxi „««». :
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| edition | 2. ed. |
| format | Book |
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| genre | 1\p (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| id | DE-604.BV012184092 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:23:13Z |
| institution | BVB |
| isbn | 0333730968 0333730976 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008257080 |
| oclc_num | 39554434 |
| open_access_boolean | |
| owner | DE-573 DE-19 DE-BY-UBM DE-20 DE-355 DE-BY-UBR DE-1047 DE-521 DE-11 DE-188 |
| owner_facet | DE-573 DE-19 DE-BY-UBM DE-20 DE-355 DE-BY-UBR DE-1047 DE-521 DE-11 DE-188 |
| physical | XXVIII, 488 S. graph. Darst. |
| publishDate | 1998 |
| publishDateSearch | 1998 |
| publishDateSort | 1998 |
| publisher | Macmillan |
| record_format | marc |
| series2 | Macmillan texts in economics |
| spelling | Pilbeam, Keith Verfasser aut International finance Keith Pilbeam 2. ed. Basingstoke [u.a.] Macmillan 1998 XXVIII, 488 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Macmillan texts in economics Literaturangaben Internationaal monetair systeem gtt Internationale financiën gtt International finance Internationaler Kapitalmarkt (DE-588)4027402-0 gnd rswk-swf Weltwirtschaft (DE-588)4065468-0 gnd rswk-swf 1\p (DE-588)4123623-3 Lehrbuch gnd-content Internationaler Kapitalmarkt (DE-588)4027402-0 s DE-604 Weltwirtschaft (DE-588)4065468-0 s 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=008257080&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 | Pilbeam, Keith International finance Internationaal monetair systeem gtt Internationale financiën gtt International finance Internationaler Kapitalmarkt (DE-588)4027402-0 gnd Weltwirtschaft (DE-588)4065468-0 gnd |
| subject_GND | (DE-588)4027402-0 (DE-588)4065468-0 (DE-588)4123623-3 |
| title | International finance |
| title_auth | International finance |
| title_exact_search | International finance |
| title_full | International finance Keith Pilbeam |
| title_fullStr | International finance Keith Pilbeam |
| title_full_unstemmed | International finance Keith Pilbeam |
| title_short | International finance |
| title_sort | international finance |
| topic | Internationaal monetair systeem gtt Internationale financiën gtt International finance Internationaler Kapitalmarkt (DE-588)4027402-0 gnd Weltwirtschaft (DE-588)4065468-0 gnd |
| topic_facet | Internationaal monetair systeem Internationale financiën International finance Internationaler Kapitalmarkt Weltwirtschaft Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008257080&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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