目录

国际金融：英文（第三版）

作者：.刘园主编

第三版前言
第二版前言
前　　言
目录
Chapter 1　Balance of Payments
1.1　International transactions: the balance of pay...
The current account
The capital account
Change in reserves
Counterpart items
Net errors and omissions
1.2　Balance of payments surplus and deficit
The trade account and current account
The basic balance
The official settlement balance
1.3　Economic forces and the balance of payments
Conditions for equilibrium
Economic forces
Process of adjustment
Exercises
Chapter 2　Theories of Balance of Payments
2.1　The elasticity approach to the balance of paym...
2.2　The absorption approach to the balance of paym...
2.3　The monetary approach to the balance of paymen...
Exercises
Chapter 3　Macroeconomic Policy in an Open Economy
3.1　The problem of internal and external balance
3.2　The Mundell-Fleming model
Internal and external balance under fixed exchange...
Internal and external balance under floating excha...
A small open economy with perfect capital mobility
The principle of effective market classification
Limitations of the Mundell-Fleming model
3.3　Conclusions
Exercises
Chapter 4　Fixed, Floating and Managed Exchange Rat...
4.1　Definitions and types of the exchange rate
The spot and forward exchange rates
Nominal, real and effective exchange rates
Fixed, floating and managed exchange rates
4.2　The case for fixed exchange rates
Fixed exchange rates promotes international trade ...
Fixed exchange rates provide discipline for macroe...
Fixed exchange rates promote international coopera...
Speculation under floating rates is likely to be d...
4.3　The case for floating exchange rates
Floating exchange rates ensure balance-of-payments...
Floating exchange rates ensure monetary autonomy
Floating exchange rates insulate economies
Floating exchange rates promote economic stability
Private speculation is stabilizing
4.4　Managed floating
Authorities might be able to produce a more approp...
Intervention needed to mitigate costs of exchange-...
Intervention to smooth the economic adjustment pro...
4.5　Conclusions
Exercises
Chapter 5　Models of Exchange-rate Determination
5.1　Purchasing power parity
The law of one price
Absolute and relative PPP
The empirical evidence
Reasons for divergence from short-term PPP
5.2　Covered interest parity
Background
The CIP condition
The mechanics of covered arbitrage
Covered arbitrage with bid-offer spreads
5.3　Market efficiency, uncovered interest parity a...
The concept of market efficiency
Spot and forward market efficiency
Uncovered interest parity
The mechanics of uncovered interest arbitrage
Real interest parity: the concept of the real inte...
5.4　Foreign exchange risk management
Hedging with forward contracts
Hedging with futures contracts on organized market...
Other hedging instruments
Exercises
Chapter 6　The Foreign Exchange Market
6.1　The basics of the foreign exchange market
Definitions and characteristics of the foreign exc...
Market participants
Settlement procedures
Fund transfers through clearing houses
6.2　Mechanics of the foreign exchange market
The spot exchange market
The forward foreign exchange market
Exercises
Chapter 7　Currency Futures, Options and Swaps
7.1　Introduction
Market structure
7.2　Currency futures
Futures markets-role of the exchange
Contract speculations
Buying, selling, and closing out a futures positio...
7.3　Currency options
Option market quotations
Factors controlling option premiums
Speculating with call options or put options
Comparison of options and futures contracts
Options on futures
7.4　Currency and interest swaps
Currency swaps
Interest rate swaps
Cross-currency interest rate swaps
Exercises
Chapter 8　International Lending and Financial Cris...
8.1　International lending to developing countries
The surge in international lending, 1974-1982
The debt crises of 1982
The resurgence of capital flows in the 1990s
8.2　Financial crises: what can and does go wrong
Waves of over-lending and over-borrowing
Exogenous international shocks
Exchange rate risk
Fickle international short-term lending
Global contagion
8.3　Resolving financial crises
Rescue packages
Debt restructuring
8.4　The frequency of financial crises
Exercises
Chapter 9　The International Monetary System
9.1　History of the international monetary system
The gold standard, 1876-1913
The interwar years and World War II, 1914-1944
Bretton Woods and the International Monetary Fund,...
Eurocurrencies
Eurocurrency interest rates: LIBOR
Fixed exchange rates, 1945-1973
An eclectic currency arrangement, 1973-present
9.2　Contemporary currency regimes
IMF’s exchange rate regime classifications
Fixed versus flexible exchange rates
Attributes of the “ideal” currency
9.3　Emerging markets and regime choices
Currency boards
Dollarization
9.4　The birth of a European currency: the euro
The Maastricht Treaty
Why monetary unification?
The launch of the euro
Achieving monetary unification
9.5　Exchange rate regimes: what lies ahead?
Exercises
Chapter 10　International Banking and the Eurocurre...
10.1　The Eurocurrency market
Market characteristics
Origins and development
Eurocurrency interest rates
Quotes and spreads
10.2　International funds transfer and credit expan...
Money expansion through the Eurocurrency markets
10.3　The Eurocurrency market and balance of paymen...
Financing balance of payments disequilibrium throu...
The Eurocurrency market and exchange rate adjustme...
10.4　International banking: structure and instrume...
Organization of the international banking system
Correspondent banking
Representative offices
Foreign branches and subsidiaries
An overview of the system
Instruments of Eurobank financing
Exercises
Chapter 11　Foreign Direct Investment and Internati...
11.1　Background
Reasons for interest in FDI
History of FDI
11.2　Approaches to international business
11.3　Theories of FDI
The differential rates of return hypothesis
The diversification hypothesis
The output and market size hypothesis
The industrial organization hypothesis
The internalization hypothesis
The location hypothesis
The eclectic theory
The product life cycle hypothesis
The oligopoly reaction hypothesis
The internal financing hypothesis
Political instability and political risk
Tax policies
Government regulations
Strategic and long-term factors
11.4　More about taxation
Types of taxes
The avoidance of double taxation
Tax havens
11.5　Foreign direct investment and country risk
Using country risk analysis in capital budgeting
11.6　Transfer pricing
Tax considerations
Global regulation
Management incentives and performance evaluation
Fund positioning
Marketing considerations and competition
Risk and uncertainty
Government policies
The interests of joint venture partners
The negotiating power of the subsidiary
Exercises
Chapter 12　Digital Currency and International Fina...
12.1　Digital currency
A brief history of digital currency
Facts of digital currency
12.2　Virtual currency
Digital &amp; virtual currency
12.3　Cryptocurrency &amp; Blockchain
Advantages &amp; disadvantages of crypt...
12.4　Bitcoin
12.5　Libra
How will Libra work?
So Libra is a cryptocurrency?
Why does Libra need to be centralized?
Bitcoin is really volatile, isn’t that a problem?
What do central banks think about Libra?
12.6　Digital Currency Electronic Payment
Why is China coming up with a digital currency?
DCEP will operate on a two-tiered system
What is the difference between DCEP, Libra, Bitcoi...
12.7　Federal Reserve’s view towards digital curren...
Why the Fed is considering a cash-backed cryptocur...
12.8　Prospects of digital currency in internationa...
Exercises
Key to Exercises
Chapter 1　Balance of Payment
Chapter 2　Theories of Balance of Payment
Chapter 3　Macroeconomic Policy in an Open Economy
Chapter 4　Fixed, Floating and Managed Exchange Rat...
Chapter 5　Models of Exchange-rate Determination
Chapter 6　The Foreign Exchange Market
Chapter 7　Currency Futures, Options and Swaps
Chapter 8　International Lending and Financial Cris...
Chapter 9　The International Monetary System
Chapter 10　International Banking and the Eurocurre...
Chapter 11　Foreign Direct Investment and Internati...
Chapter 12　Digital Currency and International Fina...
Test One
Key to Test One
Test Two
Key to Test Two
References

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7.2　Currency futures

2025年09月26日

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7.2　Currency futures