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International Money and Finance
 
 

International Money and Finance, 8th Edition

 
International Money and Finance, 8th Edition,Michael Melvin,ISBN9780123852472
 
 
 

  

Academic Press

9780123852472 New edition

9780123852489

336

229 X 152

This newly updated textbook offers a concise survey of international finance suitable for undergraduate and MBA classes.

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Key Features

  • Introduces international finance to readers with diverse backgrounds who want jobs in international investment, international banking, and multinational corporations
  • Describes a nuanced view of international finance by drawing on material from the fields of theoretical finance and international macro-finance
  • Features 100% revised chapters, new pedagogical content, and online supplementary materials

Description

Its high-level perspective on the global economy differentiates this introduction to international finance from other textbooks.  Melvin and Norrbin provide essential information for those who seek employment in multinational industries, while competitors focus on standard economic tools and financial management skills.  Readers learn how to reach their own conclusions about trends and new developments, not simply function within an organization. The 8th edition, newly updated and expanded, offers concise descriptions, current case studies, and new pedagogical materials to help readers make sense of global finance.

Readership

Upper-division undergraduates and graduate students studying international finance, international economics, and international financial management.

Michael Melvin

Michael Melvin is Managing Director and Head of Currency Research at BlackRock, Inc. He is also Co-Editor of the "Journal of International Money & Finance." He is a Lecturer in the Master of Financial Engineering Program at the Haas School, University of California, Berkeley.

Affiliations and Expertise

BlackRock Inc., San Francisco, CA, USA

International Money and Finance, 8th Edition

Preface

Acknowledgments

To the Student

Why Study International Finance?

Finance and the Multinational Firm

The Actors

Plan of Attack

SECTION 1: The International Monetary Environment

Chapter 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 1A Trade-weighted Exchange Rate Indexes

Appendix 1B The Top Foreign Exchange Dealers

Chapter 2. International Monetary Arrangements

The Gold Standard: 1880 to 1914

The Interwar Period: 1918 to 1939

The Bretton Woods Agreement: 1944 to 1973

Central Bank Intervention during Bretton Woods

The Breakdown of the Bretton Woods

The Transition Years: 1971 to 1973

International Reserve Currencies

Floating Exchange Rates: 1973 to the Present

Currency Boards and “Dollarization”

The Choice of an Exchange Rate System

Optimum Currency Areas

The European Monetary System and the Euro

Summary

Exercises

Further Reading

Appendix 2A Current Exchange Practices of Specific Countries

Chapter 3. The Balance of Payments

Current Account

Financing the Current Account

Additional Summary Measures

Transactions Classifications

Balance of Payments Equilibrium and Adjustment

The U.S. Foreign Debt

How Bad is the U.S. Foreign Debt?

Summary

Exercises

Further Reading

SECTION 2: International Parity Conditions

Chapter 4. Forward-looking Market Instruments

Forward Rates

Swaps

Futures

Options

Recent Practices

Summary

Exercises

Further Reading

Chapter 5. The Eurocurrency Market

Reasons for Offshore Banking

Libor

Interest Rate Spreads and Risk

International Banking Facilities

Offshore Banking Practices

Summary

Exercises

Further Reading

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

Interest 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 6A What Are Logarithms, and Why Are They Used in Financial Research?

Chapter 7. Prices and Exchange Rates: 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 7.A The Effect on PPP by Relative Price Changes

SECTION 3: Risk and International Capital Flows

Chapter 8. Foreign Exchange Risk and Forecasting

Types of Foreign Exchange Risk

Foreign Exchange Risk Premium

Market Efficiency

Foreign Exchange Forecasting

Summary

Exercises

Further Reading

Chapter 9. Financial Management of the Multinational Firm

Financial Control

Cash Management

Letters of Credit

An Example of Trade Financing

Intrafirm Transfers

Capital Budgeting

Summary

Exercises

Further Reading

Appendix 9A Present Value

Chapter 10. International Portfolio Investment

Portfolio Diversification

Reasons for Incomplete Portfolio Diversification

International Investment Opportunities

The Globalization of Equity Markets

Summary

Exercises

Further Reading

Chapter 11. Direct Foreign Investment and International Lending

Direct Foreign Investment

Capital Flight

Capital Inflow Issues

International Lending and Crisis

International Lending and the Great Recession

IMF Conditionality

The Role of Corruption

Country Risk Analysis

Summary

Exercises

Further Reading

SECTION 4: Modeling the Exchange Rate and Balance of Payments

Chapter 12. Determinants of the Balance of Trade

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

Internal and External Macroeconomic Equilibrium

The IS Curve

The LM Curve

The BP Curve

Equilibrium

Shifting the BP Curve

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 13A The Open-Economy Multiplier

Chapter 14. The Monetary Approach

Specie-flow Mechanism

The Monetary Approach

The Monetary Approach to the Balance of Payments

Monetary Approach to the Exchange Rate

Monetary Approach for a Managed Floating Exchange Rate

Sterilization

Sterilized Intervention

Summary

Exercises

Further Reading

Chapter 15. Extensions to the Monetary Approach of Exchange Rate Determination

The Role of News

The Portfolio-Balance Approach

The Trade Balance Approach

The Overshooting Approach

The Currency Substitution Approach

Recent Innovations to Open-Economy Macroeconomics

Summary

Exercises

Further Reading

Glossary

Index

Quotes and reviews

"International Money and Finance is an excellent resource for both international and multinational finance courses.  The combined coverage of both topics – the environment of international financial institutions and instruments, and financial management tools for multinational corporations – makes it easier for students to grasp the impact of both on businesses that increasingly operate in a global environment."--Anne M. Alexander, University of Wyoming

"This latest edition of the best-selling book discusses a number of important and somewhat complex concepts in international money and finance in a succinct, lucid yet analytical manner."--Ramkishen S. Rajan, George Mason University and National University of Singapore

"The authors do an exceptional job of including this extensive range of topics in international money and finance, which provides high-level perspective on the global economy. I expect it will be a standard textbook for instruction and reference over the years."--Suleyman Degirmen, Mersin University

"A concise, well-written, rigorous but at the same time easily accessible exposition of international finance."
--Firat Demir, University of Oklahoma

"This textbook is an excellent source for graduate and advanced undergraduate students around the world. The authors have carefully prepared each chapter with updated information on various financial issues, including risk management and banking".  --Viviana Fernandez, Universidad Adolfo Ibañez

 

 
 
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