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International Money and Finance,

Edition 9

Editors: By Michael Melvin and Stefan C. Norrbin

Publication Date: 30 Mar 2017

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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.

Key Features

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

About the author

By Michael Melvin, Rady School of Management at UCSD, La Jolla, CA, USA and Stefan C. Norrbin, Professor of Economics, Florida State University, Tallahassee, FL, USA

Part I: The International Monetary Environment

Chapter 1. The Foreign Exchange Market

Abstract
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 Dealers

Chapter 2. International Monetary Arrangements

Abstract
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 Arrangements

Chapter 3. The Balance of Payments

Abstract
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

Part II: International Parity Conditions

Chapter 4. Forward-Looking Market Instruments

Abstract
Forward Rates
Swaps
Futures
Options
Other Forward-Looking Instruments
Summary
Exercises
Further Reading

Chapter 5. Eurocurrency Markets and the LIBOR

Abstract
Reasons for Offshore Banking
Interest Rate Spreads and Risk
International Banking Facilities
Offshore Banking Practices
LIBOR
The BBA LIBOR
LIBOR Rigging
The ICE LIBOR
Summary
Exercises
Further Reading

Chapter 6. Exchange Rates, Interest Rates, and Interest Parity

Abstract
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?

Chapter 7. Prices, Exchange Rates, and Purchasing Power Parity

Abstract
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

Part III: Risk and International Capital Flows

Chapter 8. Foreign Exchange Risk and Forecasting

Abstract
Types of Foreign Exchange Risk
The Foreign Exchange Risk Premium
Market Efficiency
Foreign Exchange Forecasting
Fundamental Versus Technical Trading Models
Summary
Exercises
Further Reading

Chapter 9. Financial Management of the Multinational Firm

Abstract
Financial Control
Cash Management
Letters of Credit
An Example of Trade Financing
Intrafirm Transfers
Capital Budgeting
Summary
Exercises
Further Reading
Appendix A Present Value

Chapter 10. International Investment

Abstract
Portfolio Diversification
Reasons for Incomplete Portfolio Diversification
International Investment Opportunities
The Globalization of Equity Markets
Foreign Direct Investment
Capital Flight
Capital Inflow Issues
Summary
Exercises
Further Reading
Appendix A American Depositary Receipts

Chapter 11. International Lending and Crises

Abstract
International Lending
Causes of Financial Crises
International Lending and the Great Recession
International Lending and the Greek Debt Crisis
IMF Conditionality
The Role of Corruption
Country Risk Analysis
Summary
Exercises
Further Reading

Part IV: Modeling the Exchange Rate and Balance of Payments

Chapter 12. Determinants of the Balance of Trade

Abstract
Elasticities Approach to the Balance of Trade
Elasticities and the J-Curve
Currency Contract Period
Pass-Through Analysis
The Marshall–Lerner Condition
The Evidence From Devaluations
Absorption Approach to the Balance of Trade
Summary
Exercises
Further Reading

Chapter 13. The IS-LM-BP Approach

Abstract
The Internal and External Macroeconomic Equilibrium
The IS Curve
The LM Curve
The BP Curve
Equilibrium
Monetary Policy Under Fixed Exchange Rates
Fiscal Policy Under Fixed Exchange Rates
Monetary Policy Under Floating Exchange Rates
Fiscal Policy Under Floating Exchange Rates
Using the IS-LM-BP Approach: The Asian Financial Crisis
International Policy Coordination
Summary
Exercises
Further Reading
Appendix A The Open Economy Multiplier

Chapter 14. The Monetary Approach

Abstract
Specie-Flow Mechanism
The Monetary Approach
The Monetary Approach to the Balance of Payments
The Monetary Approach to the Exchange Rate
The Monetary Approach for a Managed Floating Exchange Rate
Sterilization
Sterilized Intervention
Summary
Exercises
Further Reading

Chapter 15. Extensions and Challenges to the Monetary Approach

Abstract
The Role of News
The PB Approach
The Trade Balance Approach
The Overshooting Approach
The Currency Substitution Approach
Recent Innovations to Open-Economy Macroeconomics
Summary
Exercises
Further Reading

ISBN: 9780128041062

Page Count: 344

Retail Price (USD) :

Caselli, Private Equity and Venture Capital in Europe, 2010, 9780123750266, 368 pp., $83.95
Cornelius, International Investments in Private Equity, 2010, 9780123750822, 328 pp., $94.95
Stowell, Investment Banks, Hedge Funds, and Private Equity, 2nd ed. 2012, 9780124158207, 672 pp, $79.95

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International Money and Finance,

Editors: By Michael Melvin and Stefan C. Norrbin

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About the author

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