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Introductory chapter from the first edition:The whys and wherefores of international finance1

The international in our lives1

Organization of the international economic and financial system3

Advantages of international trade and finance4

Current trends in international trade and finance10

ContentsList of exhibits,figures and tables11

Preface14

Ⅰ The Economics of International Transactions15

1 Balance of payments17

International transactions:The balance of payments17

Acknowledgements20

Interpreting the balance of payments28

Summary33

Questions34

2 The exchange rate and economic adjustment37

Exchange rate depreciation38

The balance of payments,exchange rate and money supply54

The monetary approach to the balance of payments58

Summary61

Questions61

Appendix 2.1:A mathematical model of the monetary approach to the balance of payments62

Purchasing power parity65

3 International parity relations65

Interest rate parity72

The international Fisher relation76

Forward rate parity80

Forecasting exchange rates82

Summary88

Questions88

Appendix 3.1:A mathematical model of the portfolio balance approach to the balance of Payments89

Ⅱ Organization of the International Financial System91

4 The international monetary system93

Alternative exchange rate systems93

Historical overview of the international financial system99

The current international financial system104

Summary110

Questions110

5 International banking and the Eurocurrency market113

The Eurocurrency market113

International funds transfer and credit expansion through the Eurocurrency system118

The Eurocurrency market and balance of payments disequilibrium122

International banking:Structure and instruments125

Summary128

Questions129

Organization of the foreign exchange spot market131

6 The foreign exchange market131

The forward foreign exchange market138

The foreign exchange and Eurocurrency markets143

Summary148

Questions150

Ⅲ Derivative Markets,Instruments and Techniques151

7 Futures markets and instruments153

Organization of the futures exchanges157

Basis and effective hedging163

Hedging with futures172

Summary178

8 Option markets and instruments181

Option features and markets181

Valuing options185

Binomial approach to option pricing189

Continuous time options pricing formulas198

Using the continuous time model201

Option management tools203

Summary207

Appendix 8.1:The binomial option pricing model with known,proportional payouts209

Appendix 8.2:Derivation of the Black-Scholes pricing model210

Appendix 8.3:Derivation of the expected expiration value of the call option212

Forward rate agreements217

9 Exotic options and other over-the-counter instruments217

Swaps218

Hybrid or package options233

Exotic options238

Summary250

Ⅳ International Risk Assessment253

10 Country and political risk analysis255

Definitions and methods in cross-border risk assessment256

Political risk263

Political risk analysis269

Applications280

Summary287

Questions289

11 The benefits and risks of international portfolio investment291

The nature of risk291

International diversification293

International capital asset pricing304

Other costs and risks in international investment310

Summary316

Questions317

12 Advanced techniques for country and political risk assessment319

New analytical framework320

Assessing country creditworthiness:Advanced techniques332

Using options pricing theory in country-specific financial risk assessment:The case of Brazil338

Estimating systematic country risk347

Summary351

Appendix 12.1:Derivation of an economy's net export value (macroeconomic market value)in foreign currency351

Appendix 12.2:The performance of the options pricing approach:Results of a 60-country study352

Ⅴ Foreign Exchange Risk Management355

13 Current operations and foreign exchange exposure357

Payment terms in international trade357

International cash management363

Summary371

Questions372

14 Managing foreign exchange risk373

Hedging with forward contracts373

Hedging with futures contracts on organized markets381

Other hedging instruments383

Summary386

Questions386

Appendix 14.1:Hedging long-term foreign exchange risk with non-zero coupon loans387

15 Economic and financial analysis of currency option uses389

Speculative uses389

Hedging with options396

An example of arbitrage:Put-call parity406

Summary408

Questions409

Combinations of simple options413

16 Sophisticated hedging techniques413

Exoticoptions430

Summary436

Questions436

Ⅵ Borrowing and Lending Internationally439

17 The international debt markets441

The major domestic bond markets441

The US bond market442

The Japanese bond market448

The UK bond market451

The international bond market452

Syndicated Eurocredits462

Summary472

Questions474

18 Managing interest rate risk475

Bond prices and yields:A review of concepts and techniques475

Bond management:Tools and techniques479

Long-term interest rate futures489

Short-term interest rate futures497

Over-the-counter hedging instruments500

Summary505

Questions506

Appendix 18.1:The Matif long-term interest rate futures contract508

Appendix 18.2:The Liffe long-term interest rate futures contract510

Ⅶ Other International Markets511

19 International commodity markets:Inventory and supply management513

Intemational spot and derivative commodity markets:An overview514

International commodity trading519

Physical commodity contracts521

Principles of inventory management525

Inventory management and the principles of hedging with commodities futures528

Summary532

Valuing equities535

20 World equity markets535

Different market structures539

International equities541

The three major equity markets544

Emerging markets551

Summary552

Questions553

Ⅷ Capital Budgeting and Foreign Direct Investment555

21 Foreign direct investment:Capital budgeting and political,economic and financial risk management557

Reasons for cross-border investing557

The orthodox theory of investment559

Techniques for project evaluation561

Foreign exchange exposure from direct investments568

The option approach to investment under uncertainty577

Beyond mean-variance584

Summary588

Questions589

Appendix 21.1:Investment choice with dependent political risk590

22 Foreign direct investment:Measuring and managing risk593

Estimating the risk593

Managing exposure of foreign direct investment to political risk601

Summary605

Questions606

Appendix 22.1:The relation between the CAPM and the Black-Scholes option pricing formula607

Advantages and disadvantages of M A as an investment strategy609

23 International mergers and acquisitions609

Mechanics of international M A614

Financial techniques in M A619

Summary624

Questions625

Appendix 23.1:M A regulations in some major countries625

Selected web sites628

Glossary630

References641

Name index652

Subject index655