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国际货币 第2版【2025|PDF|Epub|mobi|kindle电子书版本百度云盘下载】

国际货币 第2版
  • (英)艾德里安·巴克利(Adrian Buckley)著 著
  • 出版社: 北京:中国人民大学出版社;普兰蒂斯霍尔出版公司
  • ISBN:7300024726
  • 出版时间:1997
  • 标注页数:182页
  • 文件大小:8MB
  • 文件页数:195页
  • 主题词:

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图书目录

1. What is international money all about?1

The foreign exchange markets1

Eurocurrency markets3

2. The essence of currency calculations6

Foreign exchange marketS6

Inflation, interest and exchange rates8

Practicalities14

An overview14

Appendix: A deductive proof of the four-way equivalence model15

3. How are foreign exchange rates quoted?23

The players23

Methods of quotation24

Forward contracts and quotations26

An overview29

4. What makes exchange rates move?30

The balance of payments approach30

The monetary approach32

Chartism33

The efficient markets hypothesis36

An overview38

5. What is foreign exchange risk?40

Transaction exposure41

Translation exposure41

Economic exposure46

An overview49

6. Why worry about foreign exchange risk?50

Transaction exposure50

Economic exposure53

Translation exposure54

An overview56

7. Internal techniques of managing foreign exchange exposure58

Netting58

Matching59

Leading and lagging60

Price variation62

Invoicing in foreign currency62

Asset and liability management66

An overview67

8. External techniques of managing foreign exchange exposure68

Forward markets68

Trading purpose of the forward market69

Short-term borrowing75

Discounting foreign currency denominated bills receivable77

Factoring foreign currency denominated receivables77

Currency overdrafts78

Government exchange risk guarantees79

An overview79

9. What are currency swaps?81

Swaps81

An overview84

10. What are financial futures on foreign exchange?88

Financial futures in general88

Currency contracts91

An overview94

11. How do currency options work?95

How currency option markets work96

Currency option strategies100

option pricing models103

Corporate use of currency options105

An overview107

12. Interest rate risk108

The term structure of interest rates108

Forward rate agreements112

Interest rate futures114

Interest rate swaps114

Interest rate options115

An overview116

13. The value of growth options117

An example using decision trees118

Flexibility and value creation120

The Black and Scholes model121

Another example with decision trees122

An overview125

14. Is the international investment decision different?126

The international complications126

An overview132

15. Is the international financing decision different?133

The Eurobond market133

Borrowing internationally135

The risks of borrowing internationally137

An overview138

16. The European Monetary System139

Principal features of the EMS139

The Exchange Rate Mechanism140

European Monetary Union141

German reunification142

Black Wednesday144

The wake of Black Wednesday145

An overview147

17. Why hedge anyway?149

The capital asset Pricing model149

What does exposure management aim to achieve?156

The arguments against corporate hedging156

Employees and managers158

And shareholders too158

The value of the firm159

Financial distress159

An overview162

18. Economic exposure revisited163

Macroeconomic exposure163

The analysis164

Hedging165

Interest rates invariably key166

Experiments with macroeconomic exposure167

An overview167

Questions and answers168

Numerical questions168

Bramit Investment Trust plc170

Answers to numerical questions172

Suggested answers to the Bramit Investment Trust questions175

Further reading180

Index181

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