International Money and Finance /
Michael Melvin, Stefan C. Norrbin.
- Ninth edition
- 1 online resource (345 p.)
Front Cover; International Money and Finance; Copyright Page; Contents; Preface; Acknowledgments; To the Student; Why Study International Finance?; Finance and the Multinational Firm; The Actors; Plan of Attack; I. The International Monetary Environment; 1 The Foreign Exchange Market; Foreign Exchange Trading Volume; Geographic Foreign Exchange Rate Activity; Spot Exchange Rates; Currency Arbitrage; Short-Term Foreign Exchange Rate Movements; Long-Term Foreign Exchange Movements; Summary; Exercises; Further Reading; Appendix A. Trade-Weighted Exchange Rate Indexes Appendix B. The Top Foreign Exchange Dealers2 International Monetary Arrangements; The Gold Standard: 1880-1914; The Interwar Period: 1918-1939; The Bretton Woods Agreement: 1944-1973; Central Bank Intervention During Bretton Woods; The Breakdown of the Bretton Woods System; The Transition Years: 1971-1973; International Reserve Currencies; Post Bretton Woods: 1973 to the Present; The Choice of an Exchange Rate System; Currency Boards and "Dollarization"; Optimum Currency Areas; The European Monetary System and the Euro; Summary; Exercises; Further Reading Appendix A. Current Exchange Rate Arrangements3 The Balance of Payments; Current Account; Financing the Current Account; Additional Summary Measures; Transactions Classifications; Current Account Disequilibria; Balance of Payments Equilibrium and Adjustment; The US Foreign Debt; How Serious Is the US Foreign Debt?; Summary; Exercises; Further Reading; II. International Parity Conditions; 4 Forward-Looking Market Instruments; Forward Rates; Swaps; Futures; Options; Other Forward-Looking Instruments; Summary; Exercises; Further Reading; 5 Eurocurrency Markets and the LIBOR Reasons for Offshore BankingInterest Rate Spreads and Risk; International Banking Facilities; Offshore Banking Practices; LIBOR; The BBA LIBOR; LIBOR Rigging; The ICE LIBOR; Summary; Exercises; Further Reading; 6 Exchange Rates, Interest Rates, and Interest Parity; Interest Rate Parity; Effective Return on a Foreign Investment; Deviations From Covered Interest Rate Parity; Interest Rates and Inflation; Exchange Rates, Interest Rates, and Inflation; Expected Exchange Rates and the Term Structure of Interest Rates; Summary; Exercises; Further Reading Appendix A. What Are Logarithms, and Why Are They Used in Financial Research?7 Prices, Exchange Rates, and Purchasing Power Parity; Absolute Purchasing Power Parity; The Big Mac Index; Relative Purchasing Power Parity; Time, Inflation, and PPP; Deviations From PPP; Overvalued and Undervalued Currencies; Real Exchange Rates; Summary; Exercises; Further Reading; Appendix A. The Effect on PPP by Relative Price Changes; III. Risk and International Capital Flows; 8 Foreign Exchange Risk and Forecasting; Types of Foreign Exchange Risk; The Foreign Exchange Risk Premium; Market Efficiency Foreign Exchange Forecasting
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International Money and Finance, Ninth Edition presents an institutional and historical overview of international finance and international money, illustrating how key economic concepts can illuminate real world problems. With three substantially revised chapters, and all chapters updated, it functions as a finance book that includes an international macroeconomics perspective in its final section. It emphasizes the newest trends in research, neatly defining the intersection of macro and finance. Successfully used worldwide in both finance and economics departments at both undergraduate and graduate levels, the book features current data, revised test banks, and sharp insights about the practical implications of decision-making. Includes current events, such as the LIBOR and Greek crises increases emphasis on countries other than the US Minimizes prerequisites to encourage use by students from varied backgrounds