tCHAPTER 1
tThe Foreign Exchange Market 3
tOpening Case
tThe Rise(and Fall) of the Japanese Yen 3
tIntroduction 4
tThe Functions of the Foreign Exchange Market 5
tCurrencyConversion 5
tInsuringagainst Foreign Exchange Risk 6
tManagement Focus
tVolkswagen’s Hedging Strategy 8
tThe Nature of the Foreign Exchange Market 9
tEconomic Theories of Exchange Rate Determination 10
tPrices andExchange Rates 11
tCountry Focus
tQuantitative Easing, Inflation, and the U.S. Dollar 15
tInterestRates and Exchange Rates 16
tInvestorPsychology and Bandwagon Effects 17
tSummary ofExchange Rate Theories 18
tExchange Rate Forecasting 18
tTheEfficient Market School 18
tTheInefficient Market School 19
tApproachesto Forecasting 19
tCurrency Convertibility 20
tImplications for Managers 21
tManagement Focus
tDealing with the Rising Euro 23
tChapter Summary 25
tCritical Thinking and Discussion Questions 25
t
tResearch Task 26
tClosing Case
tBillabong 26
tEndnotes 28
tCHAPTER 2
tThe International MonetarySystem 31
tOpening Case
tIceland’s EconomicRecovery 31
tIntroduction 32
tThe Gold Standard 33
tMechanics of the Gold Standard 33
tStrength of the Gold Standard 33
tThe Period between the Wars: 1918–1939 34
tThe Bretton Woods System 34
tThe Role of the IMF 35
tThe Role of the World Bank 36
tThe Collapse of the FixedExchange Rate System 36
tThe Floating Exchange Rate Regime37
tThe Jamaica Agreement 38
tExchange Rates since 1973 38
tCountry Focus
tThe U.S. Dollar, Oil Prices,and Recycling
tPetrodollars 41
tFixed versus Floating ExchangeRates 41
tThe Case for Floating Exchange Rates 42
tThe Case for Fixed Exchange Rates 43
tWho Is Right? 44
tExchange Rate Regimes inPractice 44
tPegged Exchange Rates 44
tCurrency Boards 45
tCrisis Management by the IMF46
tFinancial Crises in the Post–Bretton WoodsEra 46
tCountry Focus
tThe Mexican Currency Crisis of1995 47
tEvaluating the IMF’s Policy Prescriptions 48
tImplications for Managers 51
tManagementFocus
tAirbus and the Euro 52
tChapter Summary 53
tCritical Thinking andDiscussion Questions 54
tResearch Task 55
tClosing Case
tCurrency Trouble inMalawi 55
tEndnotes 56
tCHAPTER 3
tThe Global Capital Market 59
tOpening Case
tDeclining Cross-BorderCapital Flows:
tRetreat or Reset? 59
tIntroduction 60
tBenefits of the Global CapitalMarket 60
tFunctions of a Generic Capital Market 61
tAttractions of the Global Capital Market 61
tManagementFocus
tDeutsche Telekom Taps theGlobal Capital
tMarket 63
tGrowth of the Global Capital Market 66
tGlobal Capital Market Risks 68
tCountry Focus
tDid the Global Capital MarketsFail Mexico? 69
tThe Eurocurrency Market 70
tGenesis and Growth of the Market 70
tAttractions of the Eurocurrency Market 71
tDrawbacks of the Eurocurrency Market 72
tThe Global Bond Market 72
tAttractions of the Eurobond Market 73
tThe Global Equity Market 73
tForeign Exchange Risk and theCost of Capital 75
tImplications for Managers 75
tChapter Summary 76
tCritical Thinking andDiscussion
tQuestions 77
tResearch Task 77
tClosing Case
tIndustrial andCommercial Bank
tof China 77
tEndnotes 78
tCHAPTER 4
tAccounting and Finance in theInternational Business 81
tOpening Case
tTax Strategy at Google 81
tIntroduction 82
tNational Differences inAccounting Standards 83
tInternational AccountingStandards 84
tManagementFocus
tChinese Accounting 85
tAccounting Aspects of ControlSystems 86
tExchange Rate Changes and Control Systems 87
tTransfer Pricing and Control Systems 88
tSeparation of Subsidiary and Manager Performance 89
tFinancial Management: TheInvestment Decision 89
tCapital Budgeting 89
tProject and Parent Cash Flows 90
tAdjusting for Political and Economic Risk 90
tManagementFocus
tBlack Sea Oil and Gas Ltd. 91
tRisk and Capital Budgeting 92
tFinancial Management: TheFinancing Decision 93
tFinancial Management: GlobalMoney Management 93
tMinimizing Cash Balances 93
tReducing Transaction Costs 95
tManaging the Tax Burden 96
tMoving Money across Borders 97
tChapter Summary 101
tCritical Thinking andDiscussion Questions 102
tResearch Task 102
tClosing Case
tMicrosoft’s Acquisitionof Skype 103
tEndnotes 104
tCases
tSouth Korean CurrencyCrisis 106
tRussian Ruble Crisisand Its Aftermath 107
tCaterpillar: Competingin a World of Fluctuating
tCurrencies 109
tGlossary 111
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