目录 Part 1 Global Financial Environment Project International Monetary System Task 1 Overview of International Monetary System 1.1 History of the International Monetary System 1.2 The Creation of the Euro 1.3 Currency Turmoil and Crises Post-now Task 2 Contemporary Currency Regimes 2.1 IMF's Exchange Rate Regime Classifications 2.2 Fixed Versus Flexible Exchange Rate 2.3 Distinction Between Fixed Exchange Rate and Flexible Exchange Rate 2.4 Emerging Markets and System Choices Task 3 European Monetary System 3.1 From the Treaty of Rome to the Werner Report, 1957 1970 3.2 From the Werner Report to the European Monetary System, 1970-1979 3.3 From the start of EMS to Maastricht, 1979 1991 3.4 From Maastricht to the Euro and the Euro Area, 1991--2002 3.5 The Largest-ever Currency Changeover Task 4 Exchange Rate Regimes: What Lies Ahead? Mini Case The Revaluation of the Chinese Yuan Key Terms Summary Exercises Project 2 Balance of Payment Accounting Task 1 Balance of Payment Accounts 1.1 Definition of the Balance of Payment 1.2 The Importance of BOP 1.3 Fundamentals of Balance of Payment Accounting 1.4 Accounts of the Balance of Payment Task 2 Disequilibrium of Balance of Payment Task 3 Trade Balance and Exchange Rate 3.1 The Balance of Payment Interaction with Key Macroeconomic Variables 3.2 Trade Balance and Exchange Rate 3.3 Capital Mobility Mini Case Global Remittances Key Terms Summary Exercises Part 2 Foreign Exchange Markets Project 3 The Foreign Exchange Market Task 1 Function and Structure of the Foreign Exchange market 1.l Geographical Extent of the Foreign Exchange Market 1.2 History of Foreign Exchange 1.3 Functions of the Foreign Exchange Market 1.4 Market Participants 1.5 Transactions in the Interbank Market 1.6 Size of the Market Task 2 Foreign Exchange Rates and Quotations 2.1 Currency Symbols 2.2 ]nterbank Quotations 2.3 Direct and Indirect Quotes 2.4 Bid and Ask Quotations 2.5 Forward Quotations in Percentage Terms 2.6 Cross Rates 2.7 Intermarket Arbitrage 2.8 Measuring a Change in Spot Exchange Rates Mini Case The Saga of the Venezuelan Bolivar Fuerte Key Terms Summary Exercises Project 4 Futures and Options on Foreign Exchange Task 1 Foreign Currency Futures l. 1 Contract Specifications 1.2 Currency Futures Markets 1.3 Using Foreign Currency Futures Task 2 Foreign Currency Options 2.1 Currency Options 2.2 Currency Options Markets 2.3 Currency Futures Options 2.4 Basic Option Pricing Relationships at Expiry 2.5 American Option Pricing Relationships 2.6 European Option Pricing Relationships Mini Case Warren Buffett's Love-Hate Relationship with Derivatives Key Terms Summary Exercises Part 3 Foreign Exchange Exposure Project 5 Management of Transaction Exposure Task 1 Types of Foreign Exchange Exposure 1.1 Transaction Exposure 1.2 Translation Exposure 1.3 Operating Exposure Task 2 Hedge 2.1 Hedge Definition 2.2 Advantages and Disadvantages of Hedging Task 3 Ways of Hedging Transaction Exposure 3.1 Forward Market Hedge 3.2 Money Market Hedge 3.3 Options Market Hedge 3.4 Comparison of Alternatives Task 4 Should the Firm Hedge? Mini Case Banbury Impex (India) Key Terms Summary Exercises Project 6 Management of Operating Exposure Task 1 Operating Exposure: Definition 1.1 Attributes of Operating Exposure 1.2 Operating and Financing Cash Flows 1.3 Expected Versus Unexpected Changes in Cash Flow Task 2 Measuring Operating Exposure 2.1 Short Run 2.2 Medium Run. Equilibrium 2.3 Medium Run. Disequilibrium 2.4 Long Run Task 3 Management of Operating Exposure 3.1 Strategic Management of Operating Exposure 3.2 Proactive Management of Operating Exposure Mini Case Toyota's European Operating Exposure Key Terms Summary Exercises Project 7 Management of Translation Exposure Task 1 Overview of Translation Exposure 1.1 Subsidiary Characterization 1.2 Functional Currency Task 2 Translation Methods 2.1 Current Rate Method 2.2 Temporal Method 2.3 U.S. Translation Procedures 2.4 Distinction Between the Foreign Exchange Exposures 2.5 Measurement of Translation Exposure Task 3 Managing Translation Exposure 3.1 Balance Sheet Hedge Defined 3.2 Balance Sheet Hedge Determination Mini Case LaJolla Engineering Services Key Terms Summary Exercises References
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