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Introductory chapter from the first edition:The whys and wherefores of international finance 1

The international in our lives 1

Organization of the international economic and financial system 3

Advantages of international trade and finance 4

Current trends in international trade and finance 10

ContentsList of exhibits,figures and tables 11

Preface 14

Ⅰ The Economics of International Transactions 15

1 Balance of payments 17

International transactions:The balance of payments 17

Acknowledgements 20

Interpreting the balance of payments 28

Summary 33

Questions 34

2 The exchange rate and economic adjustment 37

Exchange rate depreciation 38

The balance of payments,exchange rate and money supply 54

The monetary approach to the balance of payments 58

Summary 61

Questions 61

Appendix 2.1:A mathematical model of the monetary approach to the balance of payments 62

Purchasing power parity 65

3 International parity relations 65

Interest rate parity 72

The international Fisher relation 76

Forward rate parity 80

Forecasting exchange rates 82

Summary 88

Questions 88

Appendix 3.1:A mathematical model of the portfolio balance approach to the balance of Payments 89

Ⅱ Organization of the International Financial System 91

4 The international monetary system 93

Alternative exchange rate systems 93

Historical overview of the international financial system 99

The current international financial system 104

Summary 110

Questions 110

5 International banking and the Eurocurrency market 113

The Eurocurrency market 113

International funds transfer and credit expansion through the Eurocurrency system 118

The Eurocurrency market and balance of payments disequilibrium 122

International banking:Structure and instruments 125

Summary 128

Questions 129

Organization of the foreign exchange spot market 131

6 The foreign exchange market 131

The forward foreign exchange market 138

The foreign exchange and Eurocurrency markets 143

Summary 148

Questions 150

Ⅲ Derivative Markets,Instruments and Techniques 151

7 Futures markets and instruments 153

Organization of the futures exchanges 157

Basis and effective hedging 163

Hedging with futures 172

Summary 178

8 Option markets and instruments 181

Option features and markets 181

Valuing options 185

Binomial approach to option pricing 189

Continuous time options pricing formulas 198

Using the continuous time model 201

Option management tools 203

Summary 207

Appendix 8.1:The binomial option pricing model with known,proportional payouts 209

Appendix 8.2:Derivation of the Black-Scholes pricing model 210

Appendix 8.3:Derivation of the expected expiration value of the call option 212

Forward rate agreements 217

9 Exotic options and other over-the-counter instruments 217

Swaps 218

Hybrid or package options 233

Exotic options 238

Summary 250

Ⅳ International Risk Assessment 253

10 Country and political risk analysis 255

Definitions and methods in cross-border risk assessment 256

Political risk 263

Political risk analysis 269

Applications 280

Summary 287

Questions 289

11 The benefits and risks of international portfolio investment 291

The nature of risk 291

International diversification 293

International capital asset pricing 304

Other costs and risks in international investment 310

Summary 316

Questions 317

12 Advanced techniques for country and political risk assessment 319

New analytical framework 320

Assessing country creditworthiness:Advanced techniques 332

Using options pricing theory in country-specific financial risk assessment:The case of Brazil 338

Estimating systematic country risk 347

Summary 351

Appendix 12.1:Derivation of an economy's net export value (macroeconomic market value)in foreign currency 351

Appendix 12.2:The performance of the options pricing approach:Results of a 60-country study 352

Ⅴ Foreign Exchange Risk Management 355

13 Current operations and foreign exchange exposure 357

Payment terms in international trade 357

International cash management 363

Summary 371

Questions 372

14 Managing foreign exchange risk 373

Hedging with forward contracts 373

Hedging with futures contracts on organized markets 381

Other hedging instruments 383

Summary 386

Questions 386

Appendix 14.1:Hedging long-term foreign exchange risk with non-zero coupon loans 387

15 Economic and financial analysis of currency option uses 389

Speculative uses 389

Hedging with options 396

An example of arbitrage:Put-call parity 406

Summary 408

Questions 409

Combinations of simple options 413

16 Sophisticated hedging techniques 413

Exoticoptions 430

Summary 436

Questions 436

Ⅵ Borrowing and Lending Internationally 439

17 The international debt markets 441

The major domestic bond markets 441

The US bond market 442

The Japanese bond market 448

The UK bond market 451

The international bond market 452

Syndicated Eurocredits 462

Summary 472

Questions 474

18 Managing interest rate risk 475

Bond prices and yields:A review of concepts and techniques 475

Bond management:Tools and techniques 479

Long-term interest rate futures 489

Short-term interest rate futures 497

Over-the-counter hedging instruments 500

Summary 505

Questions 506

Appendix 18.1:The Matif long-term interest rate futures contract 508

Appendix 18.2:The Liffe long-term interest rate futures contract 510

Ⅶ Other International Markets 511

19 International commodity markets:Inventory and supply management 513

Intemational spot and derivative commodity markets:An overview 514

International commodity trading 519

Physical commodity contracts 521

Principles of inventory management 525

Inventory management and the principles of hedging with commodities futures 528

Summary 532

Valuing equities 535

20 World equity markets 535

Different market structures 539

International equities 541

The three major equity markets 544

Emerging markets 551

Summary 552

Questions 553

Ⅷ Capital Budgeting and Foreign Direct Investment 555

21 Foreign direct investment:Capital budgeting and political,economic and financial risk management 557

Reasons for cross-border investing 557

The orthodox theory of investment 559

Techniques for project evaluation 561

Foreign exchange exposure from direct investments 568

The option approach to investment under uncertainty 577

Beyond mean-variance 584

Summary 588

Questions 589

Appendix 21.1:Investment choice with dependent political risk 590

22 Foreign direct investment:Measuring and managing risk 593

Estimating the risk 593

Managing exposure of foreign direct investment to political risk 601

Summary 605

Questions 606

Appendix 22.1:The relation between the CAPM and the Black-Scholes option pricing formula 607

Advantages and disadvantages of M A as an investment strategy 609

23 International mergers and acquisitions 609

Mechanics of international M A 614

Financial techniques in M A 619

Summary 624

Questions 625

Appendix 23.1:M A regulations in some major countries 625

Selected web sites 628

Glossary 630

References 641

Name index 652

Subject index 655